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

Are major whales taking profits?

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.

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. The cryptocurrency market is currently under renewed bearish pressure due to significant outflows recorded by the biggest Bitcoin exchange-traded funds.

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. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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