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Bitcoin Whale Moves $78M Worth of BTC to Kraken Amid Price Dip

According to data from Lookonchain, a crypto whale recently deposited $77.7 million into Kraken, a top exchange. The whale had amassed $1.7 billion at an average price of $68,051 from March 1 to Apr. 15. Bitcoin’s price has dipped 1.3% in the last 24 hours, per CoinGecko.

Recent CryptoQuant data indicates the highest Bitcoin whale exchange inflows in five months, suggesting profit-taking and a potential price correction.

Glassnode notes that Bitcoin investors currently hold significant paper gains, averaging 126% relative to their cost basis at the time of the halving event.

However, caution is warranted as such metrics can produce false signals. The crypto market faces renewed bearish pressure due to substantial outflows from major Bitcoin exchange-traded funds, totaling $217 million on Thursday, with Grayscale’s GBTC seeing $140 million in outflows alone.

With unfavorable macroeconomic factors, Bitcoin‘s outlook remains uncertain, with the largest cryptocurrency struggling to regain momentum, down 0.9% over the past week.

Image Credit: Shutterstock

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Bitcoin Whale Moves $78M Worth of BTC to Kraken Amid Price Dip

was first posted on April 26, 2024 at 10:31 pm.
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