Bitcoin bulls are closing March on a rather positive note, as the network has hit yet another notable milestone this month. According to data from Santiment, the largest Bitcoin transactions have been recorded on the network.
Bitcoin’s five largest transactions this year were all carried out in March. It appears that strong hands in the market are still up; the latest transactions were carried out on the 30th of March.
The 20,000 BTC transaction was made in the early hours of the day and was worth a staggering $564 million as of when the transaction was made. The transaction was initially sent to a single address before being transferred to many different addresses.
“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),” Santiment revealed.
Prior to this, four other large transactions have been carried out this month. On the 15th of March, the network processed a 40,141 BTC transaction, the largest transaction in 2023. All the large transactions collectively total 136,314 BTC, which is well over $3.8 billion at the time of this report.
Analyst warns of the potential barrier as Bitcoin attempts to tap $30,000
According to a Santiment analyst, the transactions might be happening as a relish of profit taking from long-term holders in the market. However, it is worth noting that holders are taking profit as fears of Bitcoin hitting a top continue to rise, following the 70% rebound that the apex cryptocurrency recorded this year.
There has also been a major influx of coins returning back to exchanges between March 13th and March 21st, the analyst added, noting that it all took place as Bitcoin’s price surged to $28,000.
However, supply is moving away from exchanges as prices have settled within the tight $27k-29k pattern. As for Bitcoin’s potential upsurge to $30,000, which many key players predicted to be close, as the asset recently crossed $29,000, the analyst is warning of a red flag.
“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.” The Santiment analyst wrote.