Hey folks.
According to data provided by Lookonchain, a crypto analytics platform, a crypto whale deposited $77.7 million into one of the leading cryptocurrency exchanges Kraken.
Between March 1 and April 15, the whale in question had accumulated $1.7 billion at an average price of $68,051.
The price of Bitcoin is down by over 1% in the past 24 hours, according to coinmarketcap.
Exchange inflows from Bitcoin whales have the highest levels in five months, according to recent CryptoQuant data. This is something showing that big holders are hoping to engage in profit collection. This could be a potential sign of a considerable price correction.
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 basis. According to its research, the average unit has an impressive 126% paper gain.
With that being stated, it's important to note that such metrics can potentially generate signals that are false, which is why market participants should exercise caution.
This is not financial advice.
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Posted Using InLeo Alpha
Posted Using InLeo Alpha