Bitcoin Investors Beware: Santiment Raises Alarms on Large Whale Transactions
A crypto analytics firm has raised concerns for Bitcoin investors regarding large whale transactions that have taken place in the past month.
Santiment has noted that the five largest Bitcoin transactions in 2023 all happened in March, with the biggest transfer worth approximately $564 million.
🐳📊 The five largest #Bitcoin transactions of 2023 thus far have all happened in March, with the latest one being a 20,000 $BTC transfer today (worth ~$564M). Check out our latest insight on the engaged whale addresses and fluctuating whale supply. 👀👇 https://t.co/L14taXVvqo pic.twitter.com/KFX3bLgHwL
— Santiment (@santimentfeed) March 31, 2023
The analytics platform’s marketing director, Brian Quinlivan, has suggested in a blog post that the size of these transactions, coupled with the reduction in Bitcoin’s whale and shark population, may indicate that significant entities are securing their profits.
He advises caution for those hoping for Bitcoin to surge beyond $35,000, especially considering the profit-taking and fears of a peak following BTC’s 70% rebound.
READ MORE: Bitcoin’s Ups and Downs: A Look at Price Movements and Market Trends
Quinlivan also presented a chart revealing a decline in the Bitcoin supply held by sharks and whales ratio, showing a gradual effect of profit-taking.
These trends in whale behavior, coupled with the current market conditions, suggest that caution is warranted for Bitcoin investors.
At present, Bitcoin is trading at $28,404, with an increase of around 1.8% in the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
