Bitcoin

Million

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<p dir="ltr">According to data provided by crypto analytics platform Lookonchain, a cryptocurrency whale&nbsp;<a href="https://twitter.com/lookonchain/status/1783875180286328894" rel="noopener noreferrer nofollow">deposited</a> $77.7 million into Kraken, one of the leading cryptocurrency exchanges, a few hours ago.&nbsp;</p>
<p dir="ltr">The whale in question had accumulated $1.7 billion at an average price of $68,051 over the period from March 1 to Apr. 15.&nbsp;</p>
<p dir="ltr">The price of the largest cryptocurrency is down 1.3% over the past 24 hours, according to data provided by CoinGecko.</p>
<h2 id="a-correction-on-the-cards">A correction on the cards?&nbsp;</h2>
<p dir="ltr">Recent CryptoQuant&nbsp;<a href="https://twitter.com/cryptoquant_com/status/1783782518887444620" rel="noopener noreferrer nofollow">data</a> shows that exchange inflows from Bitcoin whales have reached the highest level in five months. This shows that large holders are eager to engage in profit-taking. This could be a potential sign of a substantial price correction.&nbsp;</p>
<p dir="ltr">As noted by Glassnode, Bitcoin investors are currently sitting on&nbsp;<a href="https://twitter.com/glassnode/status/1783849422796869702" rel="noopener noreferrer nofollow">the largest paper gains</a> relative to their cost basis as of the day of the halving event. Its data shows that the average unit is holding a paper gain of an impressive 126%.&nbsp;</p>
<p dir="ltr">With that being said, it is important to note that such metrics can potentially generate false signals, which is why market participants should exercise caution.&nbsp;</p>
<h2 id="disastrous-etf-outflows">Disastrous ETF outflows&nbsp;</h2>
<p dir="ltr">The cryptocurrency market is currently under renewed bearish pressure due to significant outflows recorded by the biggest Bitcoin exchange-traded funds.&nbsp;</p>
<p dir="ltr">On Thursday, they recorded $217 million worth of outflows, with Grayscale's GBTC alone bleeding as much as $140 million.</p>
<p dir="ltr">Coupled with unfavorable macroeconomic factors, the outlook for Bitcoin remains uncertain. The largest cryptocurrency is down 0.9% over the past week, struggling to regain momentum. &nbsp;&nbsp;</p>

$78 Million Worth of Bitcoin Deposited to Kraken by Major Whale as BTC Plunges

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