Bitcoin Whale Movements Now Raise ‘Caution Flags’, Says Crypto Analytics Firm Santiment
A leading crypto analysis firm is issuing a warning to Bitcoin (BTC) holders that the large whale transactions of the past month could be a cause for concern for investors of the royal crypto.
Sentiment says that the five largest Bitcoin transactions so far this year all occurred in March, with the largest BTC transfer worth around $564 million.
According to Santiment’s director of marketing Brian Quinlivan in a new blog post, the size of the BTC transactions along with the decline in Bitcoin’s whale and shark population may indicate that large entities are locking in gains.
“Based on the very large transactions going on in March, as well as the 10-10,000 BTC address level continuing to slide down (in percentage) and decline (by total addresses), it looks like there are some legitimate warning flags for to be careful if you hope to see Bitcoin rise to $35,000 and more…
The five largest transactions of 2023 so far have all occurred in March, and this appears to be a result of profit-taking and fear of a top following BTC’s ~+70% rally.
Quinlivan also shares a chart showing the drop in the ratio of Bitcoin supply owned by sharks to whales, or entities that hold 10 to 10,000 BTC.
“However, the percentage held by this same shark/whale yellow line looks much more worrisome when looking at the percentage of Bitcoin supply held. After a nice accumulation pattern until the end of January, profit taking has gradually taken effect.”
At the time of writing, Bitcoin is trading at $28,647, down over 1% in the last 24 hours.
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