Blockchain surveillance firm Whale Alert identified a massive Bitcoin transfer, including over $123 million on April 4, with 1,474 BTC, as the crypto market gradually regained its previous price losses.
The mystical transactions have moved large quantities of Bitcoin from the major US crypto exchange Kraken to an anonymous accumulator, according to the report.
Kraken releases 1,474 BTC when the price reaches $84,000
The move has occurred amid a wide range of crypto market rally, with the prices of top cryptocurrencies experiencing solid rebounds after weeks of high volatility, indicating an increase in purchasing activity from investors.
Data provided by CoinMarketCap shows a brief retreat of Bitcoin’s move after hitting a day high of $84,639.61 despite a drop below $81,745 on the same day, sparking new optimism about Bitcoin’s price-taking path. Overall crypto market capitalization also rose 1.81%, recovering $2.68 trillion on the same day.
Similarly large transfers of Bitcoin from exchanges like Kraken suggest potential purchasing strategies, taking into account the efficient on-loading and off-loading of the common use of hyperfluid platforms.
The reasons behind the transfer remain uncertain, but commenters suggest the possibility of buying attempts by an institution or bullish investors trying to embrace the assets over the long term.
Nevertheless, the response to the Whale Alert Post suggests that crypto enthusiasts are hoping for more such moves to promote a potential valuation of Bitcoin prices, leading to increased returns for both retail and institutional investors.
Large Bitcoin transfers can affect purchasing pressure on assets, but they simply take no responsibility for the bullish momentum seen in today’s crypto market.
