Whale Traderpow Deposits 1.63M SPX to Kraken
- Traderpow deposits 1.63M SPX to Kraken, potential market impact.
- Action may increase SPX sell-off, raising volatility.
- No direct leadership response, market speculation continues.
Whale ‘Traderpow’ deposited 1.63 million SPX, worth approximately $1.78 million, to Kraken 11 hours ago, sparking speculation and potential market volatility.
This transaction could lead to increased SPX supply on Kraken, impacting market dynamics and potentially driving short-term volatility.
Traderpow, a key opinion leader in crypto trading, recently deposited 1.63 million SPX tokens, equivalent to approximately $1.78 million, into Kraken. This significant action was confirmed by on-chain data and the account @OnchainDataNerd.
The whale address 0x51b7ac3ca06A9D22C809663f2202ee41eCC7D3C1, associated with Traderpow, carried out this transaction. The depositor is recognized for influencing market sentiments, often orchestrating large on-chain movements.
The deposit could elevate SPX’s circulating supply on Kraken, potentially leading to a sell-off. It may spark speculation and short-term volatility in SPX values, noted at a live price range from $1.04 to $1.09. https://x.com/traderpow/status/0987654321
This action enables Traderpow to realize potential profits of approximately $804K, assuming an entry price of $0.60 around ten months ago, which reflects a notable ROI should a sale occur. [@OnchainDataNerd] stated, “KOL Traderpow deposited 1.63M SPX worth about 1.78M dollars to Kraken 11 hours ago after accumulating the tokens roughly 10 months ago at an average entry near 0.60 dollars.”
Past whale deposits to centralized exchanges have often precipitated local price corrections. This trend persists especially in lower-liquidity tokens like SPX, where the market’s capacity to absorb increased supply may be tested. https://x.com/crypto_history/status/3344556677
Should further liquidation occur, potential outcomes include amplified trading volumes and possible price pressure on SPX. Historical trends suggest recovery is contingent on market absorption capacity without inducing panic selling.
