Bitcoin Showing Massive Transactions of Late

What has gotten into Bitcoin lately? It's obviously a polarizing time with prices edging closer and closer to $30,000. The five largest transactions of 2023 thus far have all happened in March, and this seems to be a result of profit taking and fears of a top after the ~+70% rebound for BTC.

The latest massive transaction was today, a 20,000 BTC move that briefly was sent to address 3JZq4atUahhuA9rLhXLMhhTo133J9rF97j before being moved to multiple others.

We can see the big influx of coins moving back on to exchanges between March 13th to 21st as Bitcoin's price zoomed all the way up to 28k. But since prices have started ranging in this tight 27k-29k pattern, supply is again moving off of exchanges.

It's nice to see that the total number of active sharks and whales (in yellow) and more dormant whales/exchange addresses (in red) are still rising here in March. But the yellow line is probably the most valuable, and its rise is much slower than it was when prices were bottoming out in November and December.

The percentage held by this same shark/whale yellow line looks a lot more concerning, though, when taking a look at the percentage of Bitcoin supply held. After a nice accumulation pattern up until late January, the profit taking has gradually taken effect.

Based on the very large transactions going on in March, as well as the 10-10k BTC address tier continuing to slide down (by percentage) and taper off (by total addresses), it does look like there are some legitimate caution flags to be weary of if you're hoping to see Bitcoin surge to $35,000 and beyond.

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Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.