As Bitcoin Plunges, Whale Makes Waves With $77.67M Deposit Into Kraken

Lookonchain, a prominent crypto analyst, recently reported a significant Bitcoin (CRYPTO: BTC) deposit by a whale into the Kraken exchange.

The move is notable due to the size of the transaction and the whale's previous accumulation.

What Happened: According to a tweet by Lookonchain on Friday, a whale deposited 1,200 Bitcoin, equivalent to $77.67 million, into the Kraken cryptocurrency exchange. The transaction occurred just 43 minutes prior to the tweet.

A whale deposited 1,200 $BTC($77.67M) into #Kraken 43 minutes ago.

The whale accumulated 24,755 $BTC($1.68B) at an average price of $68,051 from Mar 1 to Apr 15.

Address:
bc1qcpflj68s3ahy4xajez4d8v3vk28pvf7qte2jmlftvxzfke2u6mqsge3gvh pic.twitter.com/fQP33Se1t8

— Lookonchain (@lookonchain) April 26, 2024

The same whale had reportedly accumulated 24,755 BTC, valued at approximately $1.68 billion, between March 1 and April 15.

Also Read: Crypto Analyst Foresees Upswing In Bitcoin's Value Before Major Plunge

The average purchase price during this period was $68,051 per Bitcoin.

According to the data from CryptoQuant, exchange inflows from Bitcoin whales have surged to their highest point in five months.

$BTC: Surge in Whale Exchange Inflow

“This uptick potentially signifies significant profit-taking by whales amidst the 2024 #Bitcoin bull run.” –By @phi_deltalytics

Link to the full post https://t.co/jWdPEJz7V0

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

This indicates that significant holders are keen on cashing in their profits, possibly signaling an imminent substantial price correction.

Why It Matters: Large-scale transactions, often called "whale" activity, can significantly influence the cryptocurrency market.

This particular whale's recent deposit into Kraken, following an extensive accumulation period, could potentially impact Bitcoin's price and trading volume on the exchange.

Lookonchain, which provided the Bitcoin address associated with the whale, allows traders and analysts to monitor account activity. This transparency is a key feature of blockchain technology and can offer valuable insights into market trends and potential price movements.

Now Read: Bitcoin's Rally Sparks Renewed Interest In Cryptocurrencies — Should You Invest In It Now?

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image: Shutterstock