- On-chain data indicates that the U.S.-based crypto exchange Kraken has recorded the largest Bitcoin inflow in the past few years.
- A significant influx of 14,924 Bitcoins has been registered on Kraken, marking the largest inflow since 2018.
- While the XRP lawsuit may not conclude until at least 2025, the chances of approval for spot ETF applications from companies like BlackRock seem unlikely until at least 2024.
Recent data suggests an unusual change in Kraken’s Bitcoin reserves: a new bullish rally in Bitcoin might be on the horizon!
Unusual Bitcoin Flow on Kraken Exchange
On-chain data indicates that the U.S.-based crypto exchange Kraken has recorded the largest Bitcoin inflow in the past few years, occurring as BTC’s price experienced a 5% increase in the past week.
Data provided by CryptoQuant reveals a significant amount of BTC being deposited on the exchange, suggesting speculation around a potential bullish market environment for the leading cryptocurrency.
A substantial inflow of 14,924 Bitcoins has been recorded on Kraken, marking the largest inflow since 2018. Historically, high-volume exchange inflows are associated with an imminent rise in the Bitcoin price. Therefore, if the $30,000 milestone is surpassed, it could serve as psychological support for the next leg of the rally.
Positive Developments for the Crypto Ecosystem
The U.S. Securities and Exchange Commission’s (SEC) setbacks in the Grayscale and Ripple XRP cases, along with optimism about the approval of spot Bitcoin ETFs, appear as positive developments for the crypto ecosystem. However, the XRP lawsuit may not conclude until at least 2025, and the chances of approval for spot ETF applications from companies like BlackRock seem unlikely until at least 2024.
From a macroeconomic perspective, the last-minute prevention of a government shutdown by the U.S. government triggered an anticipated Bitcoin rally. Additionally, there is a positive outlook for Bitcoin’s technical infrastructure, as the Bitcoin Halving event is scheduled for around the second quarter of 2024. Overall, there are numerous factors that investors can consider when evaluating the potential of cryptocurrency.
