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According to data shared by Lookonchain, known for its crypto analyses and tracking, a crypto whale recently transferred approximately $77.7 million worth of Bitcoin to the leading cryptocurrency exchange Kraken. From March 1 to April 15, the whale accumulated Bitcoin worth $1.7 billion at an average price of $68,051 per BTC. According to data from CoinGecko, the price of BTC also fell by 1.3% in the last 24 hours.
Will Bitcoin See a Correction?
Recent data from CryptoQuant shows that exchange inflows by Bitcoin whales have reached a five-month high, indicating that large investors are eager to realize profits. This could reflect a potential outlook for an upcoming price correction. Additionally, according to data from Glassnode, Bitcoin investors appear to have made significant gains compared to the day of the last halving event.
Glassnode’s data reveals that an average unit has opened the door to an impressive 126% gain. It is also important to note that such measurements can potentially give false signals, and investors in the market should be cautious.
Increase in ETF Outflows
The cryptocurrency market is also under renewed downward pressure today due to massive outflows from the largest Bitcoin exchange-traded funds. On Thursday, Grayscale’s GBTC alone recorded an outflow of more than $140 million, while the market experienced a total outflow of $217 million.
Given the negative geopolitical and macroeconomic factors, the direction Bitcoin might take remains uncertain. The largest cryptocurrency experienced sharp declines last week and has not yet fully recovered.
What is the Current Price of Bitcoin?
Amid these developments, all eyes are on the price of Bitcoin. As of writing, Bitcoin continues its downward trend, trading at $64,000 after a 0.73% drop.
This decline in Bitcoin has also impacted its market cap, which has nearly retreated to $1,250 trillion, while the 24-hour trading volume has decreased by over 20%, falling to $25.8 billion. This drop in trading volume could be interpreted as investors not wanting to sell at these prices. On the other hand, it might also indicate that buyers are targeting further price drops by not purchasing at these levels.
