As the cryptocurrency market prepares for what many believe will be a "Black Monday," one of the largest exchanges in the U.S., Kraken, is stunned by a Bitcoin (BTC) transfer worth $159,832,873. According to a message from Whale Alert, 1,928 BTC were recently transferred to Kraken from an unknown wallet with the address "bc1qcp."
What is known about this transfer is that the sender is indeed an unknown entity, as even more sophisticated data from Arkham Intelligence doesn't label it anyway.
Gamza KhanzadaevFurthermore, the sent Bitcoin landed on Kraken's deposit address and not in the hot wallet, which may indicate that it is indeed a major investor moving his crypto stash to the exchange and not Kraken itself shuffling funds between its own wallets.
If this is true, then the risks of a potential sell-off are skyrocketing and market participants had better start sweating.
The situation is exacerbated by the Black Monday threat that many, including prominent voices such as Arthur Hayes, are anticipating for tomorrow. For those who have missed the latest trends in crypto social media, there is an opinion that tomorrow's U.S. market opening could be a total bloodbath, with major indices like the S&P 500 dumping so much that trading is halted.
Arman ShirinyanWhether that's true will only be known tomorrow, but the lack of action in the crypto market over the weekend looks more like the calm before the storm.
For one unknown whale who recently met Kraken, however, it seems like a preparatory Sunday. To be fair, this wallet still holds 12,108 BTC, worth nearly a billion dollars. In this light, the recent transfer is only about 15% of their total holdings.
Vladislav Sopov
Dan Burgin