A leading crypto analytics firm, bitcoin He is warning (BTC) holders that the massive whale transactions that took place last month could be a cause for concern for king crypto investors.
centimentstates that the five biggest Bitcoin transactions so far this year took place in March. However, he says that the largest BTC transfer is worth around $564 million.
Koinfinans.com As we reported, the size of BTC transactions, along with the decline in the whale and shark population of Bitcoin, may indicate that large institutions are locking in earnings, according to Brian Quinlivan, director of marketing at Santiment, in a new blog post.
“The five biggest transactions of 2023 so far took place in March. This seems to be the result of fear of peaking and taking profits after the 70% recovery in BTC.”
NEWS CONTINUES BELOWQuinlivan also shares a chart showing the decline in the proportion of Bitcoin supply held by sharks and whales, or by assets holding 10 to 10,000 BTC.
“The percentage held by the same shark/whale yellow line looks much more worrying when looking at the percentage of Bitcoin supply held. After a nice accumulation pattern until the end of January, profit taking started to take effect gradually.”
NEWS CONTINUES BELOW
At the time of this writing, Bitcoin is trading at $28,647, down more than 1% in the last 24 hours.
You can follow the current market data here.