In a significant move that has caught the attention of the crypto community, TraderPow, a well-known trader, has made a substantial deposit of SPX tokens into Kraken. This action, involving 163 million SPX tokens valued at around 178 million dollars, raises questions about the potential impact on the market. According to the results published in the material, this could signal a shift in trading strategies among major players.
Market Speculation Following Large Transaction
The transaction, confirmed by on-chain data, has ignited speculation regarding possible market volatility and an increase in supply on the exchange. Historically, large deposits like this one have often led to sell-offs, particularly in lower-liquidity tokens such as SPX, which could result in local price corrections.
Current Price Fluctuations of SPX
Currently, the price of SPX is fluctuating between 104 and 109. Should further liquidation occur as a result of this deposit, it may lead to heightened trading volumes and additional price pressure on SPX, prompting traders to closely monitor the situation for potential market shifts.
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