News - Cracking: Record Bitcoin transaction creates mystery

By Sam Fröling

Cracking: Record Bitcoin transaction creates mystery

Bitcoin (BTC)
Wallets and Whales
Cracking: Record Bitcoin transaction, creates mystery

A total of 14,924 Bitcoin were sent to wallets on the crypto exchange Kraken by unknown investors. This is the most that has taken place in five years.

A total of 14,924 Bitcoin (BTC) were transferred to wallets on the crypto exchange Kraken on Oct. 2 which is the most since 2018. This let Cryptoquant know on X. It is not yet clear how to interpret the record inflow.

However, large amounts of BTC transferred to exchange wallets can certainly cause price movement. Recently weakened Recently Bitcoin was on a short-term decline after a strong week and at the time of writing stands at $27,545. Could there be a connection to the record volume?

Possibly a whale has positioned itself

At CryptoQuant, analyst Joao Wedson writes: "Inflows are an important indicator suggesting that investors may be realizing significant profits or moving their crypto to a safer platform in anticipation of future market movements." So it is possible that a whale has already positioned itself in anticipation of a price move soon, or has just liquidated large amounts of BTC.

Read also: Cryptoexchange Kraken wants to open a bank

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