Whale Causes Stir by Transferring $77.67 Million to Kraken as Bitcoin Price Dips

Renowned crypto analyst Lookonchain has announced a sizeable Bitcoin (CRYPTO: BTC) transfer initiated by a whale into the major Kraken trading platform.

This transaction is remarkable for its magnitude and the investor’s history of substantial asset collection.

What Happened: Lookonchain disclosed via Twitter on Thursday that a whale moved 1,200 Bitcoin, worth $77.67 million, to the Kraken exchange. This occurred a mere 43 minutes before the announcement.

A whale moved 1,200 $BTC($77.67M) to #Kraken 43 minutes back.

Previously, the whale had stockpiled 24,755 $BTC($1.68B), beginning March 1 through April 15, at an average acquisition cost of $68,051 each.

Address:
bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh pic.twitter.com/fQP33Se1t8

— Lookonchain (@lookonchain) April 26, 2024

This investor has reportedly amassed a total of 24,755 BTC, with a value near $1.68 billion, purchased between the start of March and mid-April.

The prevailing buying rate for this interval stood at $68,051 for each Bitcoin.

Data from CryptoQuant indicates an uptick in Bitcoin whale activity, evidencing the highest exchange inflows in over five months.

$BTC: Spike in Whale Exchange Inflow

“This surge seemingly points to whales harvesting profits during the Bitcoin bull-run of 2024,” stated by @phi_deltalytics

Full details here https://t.co/jWdPEJz7V0

— CryptoQuant.com (@cryptoquant_com) April 26, 2024

This could denote that key investors are opting to liquidate for profit, possibly heralding a sizeable downward correction in Bitcoin’s price.

Why It Matters: Transactions from major stakeholders, or “whales,” can exert meaningful effects on the crypto marketplace.

The exceptional transfer by this particular whale into Kraken, succeeding a notable buying spree, could instigate changes in Bitcoin’s valuation and trading activity on the platform.

The analyst Lookonchain has provided the Bitcoin address linked to the investor in question, affording a level of transparency that exemplifies blockchain technology’s capabilities. This degree of openness allows market participants to track asset movements, offering valuable insight into forthcoming market dynamics and potential shifts in valuation.

Further Reading: Is Now The Right Time To Invest In Bitcoins As Their Prices Surge Again?

This report is partly produced with assistance from Benzinga Neuro and has been reviewed and released by Benzinga’s editorial team.

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