About 70% of Nakamoto’s coins are pledged with Kraken, and Bitcoin is trading below $69,000 today 🏦 $BTC
The company bought the coins at an average price of around $118,000 each and owes Kraken $165 million—more than its entire market capitalization.
The market has seen this pattern before: a treasury company pledges its coins to fund the purchase of more, until the collateral exceeds the company itself. If the price stays below the purchase cost, pressure on its pledged position could increase, and further movements from the wallet may follow.
The takeaway worth remembering: watch the proportion of coins pledged before looking at how much the company owns.
If you were in their shoes, would you reduce the amount pledged or wait for the price to recover?
#Bitcoin #Kraken
This content is for informational purposes only and is not financial advice.
Click $BTC to trade
$BTC
Others got here before you and followed. Visit my profile and stick with those who read before the news spreads.
The company bought the coins at an average price of around $118,000 each and owes Kraken $165 million—more than its entire market capitalization.
The market has seen this pattern before: a treasury company pledges its coins to fund the purchase of more, until the collateral exceeds the company itself. If the price stays below the purchase cost, pressure on its pledged position could increase, and further movements from the wallet may follow.
The takeaway worth remembering: watch the proportion of coins pledged before looking at how much the company owns.
If you were in their shoes, would you reduce the amount pledged or wait for the price to recover?
#Bitcoin #Kraken
This content is for informational purposes only and is not financial advice.
Click $BTC to trade
$BTC
Others got here before you and followed. Visit my profile and stick with those who read before the news spreads.
