A cryptocurrency whale just deposited $77.7 million into Kraken, one of the top exchanges, according to data from the crypto analytics portal Lookonchain.
Between March 1 and April 15, the whale in issue had amassed $1.7 billion at an average price of $68,051.
Based on statistics from CoinGecko, the biggest cryptocurrency has had a 1.3% decrease in price in the last 24 hours.
A correction on the cards?
Exchange inflows from Bitcoin whales have increased to their highest level in five months, according to recent CryptoQuant statistics. This demonstrates the eagerness of major holders to take profits. This may indicate that there will be a significant price adjustment.
According to Glassnode, as of the day of the halving event, Bitcoin investors are presently sitting on the biggest paper gains in relation to their cost base. According to their research, the typical unit has a whopping 126% paper gain.
Having said that, it is crucial to remember that these indicators may provide misleading indications, which is why market players should proceed with caution.
Disastrous ETF outflows
The largest Bitcoin exchange-traded funds have reported large outflows, which has put more negative pressure on the market.
They reported withdrawals of $217 million on Thursday, with Graysclale’s GBTC alone seeing a $140 million loss.
When combined with negative macroeconomic variables, the future of Bitcoin is still unclear. Over the last week, the biggest cryptocurrency has decreased by 0.9%.
