Kraken Data Shows Big Bitcoin Influx; BTC Price To Breach $30K?

On chain data shows that US based crypto exchange Kraken has just recorded its largest Bitcoin deposit into its reserves in several years. This comes amid a 5% jump in BTC price compared to a week ago.

Also Read: XRP Price Jumps 5% After Court Denies SEC’s Interlocutory Motion, Next Target $1?

Kraken’s Huge BTC Influx

According to on chain data from Crypto Quant, a massive influx of BTC was recorded on the exchange, signaling speculation around a potential bull run environment for the top cryptocurrency. A huge inflow of 14,924 Bitcoin was registered on the exchange, which was the largest recorded on Kraken since 2018. Exchange inflows in high volumes are historically associated with near future price spikes for Bitcoin. Hence, the $30,000 milestone, if breached, could serve as a psychological boost for the next leg of rally.

Encouraging Crypto Developments

The U.S. Securities and Exchange Commission’s (SEC) recent setbacks in the Grayscale and Ripple XRP lawsuits, along with the optimism around approval of spot Bitcoin ETFs pose as favorable developments for the crypto ecosystem. However, the XRP lawsuit could take at least until 2025 to come to a complete close while the spot ETF applications from the likes of Blackrock stand almost no chance of approval until sometime in 2024.

On the macroeconomic front, the US government averted a shutdown at the ultimate hour, triggering an expected Bitcoin rally. The cryptocurrency also has an upside to its technical infrastructure, with the Bitcoin Halving event scheduled for sometime in the second quarter of 2024. Overall, there are multiple factors investors may look at gauging the potential of the cryptocurrency.

Also Read: Ripple Makes Top 100 Fintech List for Cross Border Payments

Recommended
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.