Kraken Records Largest Bitcoin Deposit in Years
According to on-chain data, US-based crypto exchange Kraken has recently received its largest Bitcoin deposit in several years. This coincides with a 5% increase in the price of BTC compared to a week ago.
Kraken’s Huge BTC Influx
Crypto Quant’s on-chain data reveals a significant influx of BTC into the exchange, suggesting speculation about a potential bull run for the top cryptocurrency. Kraken received a massive inflow of 14,924 Bitcoin, the largest recorded since 2018. Historically, high-volume exchange inflows have been associated with future price spikes for Bitcoin. Therefore, if the $30,000 milestone is breached, it could provide a psychological boost for the next phase of the rally.
Encouraging Crypto Developments
The recent setbacks faced by the U.S. Securities and Exchange Commission (SEC) in the Grayscale and Ripple XRP lawsuits, along with optimism surrounding the approval of spot Bitcoin ETFs, are favorable developments for the crypto ecosystem. However, it is projected that the XRP lawsuit will not reach a complete resolution until at least 2025, and spot ETF applications from companies like Blackrock are unlikely to be approved until sometime in 2024.
On the macroeconomic front, the avoidance of a government shutdown in the United States has triggered an expected Bitcoin rally. Additionally, Bitcoin’s technical infrastructure has upside potential with the scheduled Bitcoin Halving event in Q2 2024. Overall, there are multiple factors that investors may consider when assessing the potential of the cryptocurrency.
Hot Take: Potential Bull Run on the Horizon for Bitcoin
The recent influx of Bitcoin into Kraken, coupled with positive developments in the crypto ecosystem and macroeconomic factors, suggests that a potential bull run may be on the horizon for Bitcoin. With the possibility of breaching the $30,000 milestone and upcoming events like the Bitcoin Halving, investors should closely monitor the market for potential price spikes and investment opportunities.
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