Whale Deposits 1,200 Bitcoin on Kraken, Signaling Potential Price Correction
A prominent crypto analyst, Lookonchain, reported a significant Bitcoin deposit by a whale into the Kraken exchange. The whale deposited 1,200 Bitcoin, worth approximately $77.67 million, just 43 minutes before the tweet. This follows a period of accumulation where the same whale acquired 24,755 BTC, valued at roughly $1.68 billion, between March 1 and April 15.
This activity suggests that whales, large holders of cryptocurrency, are looking to cash in their profits. Data from CryptoQuant shows that exchange inflows from Bitcoin whales have reached their highest point in five months, potentially signaling an imminent price correction.
Large transactions by whales can significantly impact the cryptocurrency market. This particular whale's deposit into Kraken, following an extensive accumulation period, could potentially influence Bitcoin's price and trading volume on the exchange.
Lookonchain provides the Bitcoin address associated with the whale, allowing traders and analysts to monitor account activity. This transparency is a key feature of blockchain technology and offers valuable insights into market trends and potential price movements.