After the difficult 2022 year, things started to get better in the Bitcoin and crypto money market.
In Bitcoin, which has increased by more than 60% since the beginning of 2023, whales have also become significantly active compared to 2022.
Popular on-chain data provider Santiment, which evaluates whale movements, said the whales are active and their numbers are increasing.
According to the latest data, both the total number of active sharks and whales (yellow line) and dormant whale addresses (red line) increased continuously in March, Santiment said, adding that most of the biggest transactions of 2023 took place in March.
“While we are at a time when the BTC price is approaching $30,000, we observed that all five of the biggest transactions of 2023 so far took place in March.
This seems to be the result of investors taking their profits after BTC rallied over 60%.
In this regard, the largest last transaction today was a whale transaction totaling 20,000 BTC worth approximately $564 million.”
Pointing to the increase in the addresses of active and dormant whales, which is a good sign, Santiment stated that the addresses of active whales rise much more slowly than in November and December, when prices are at their lowest.
At this point, Santiment said that whales that accumulated BTC starting from November and December until the end of January are now slowly starting to profit.
“There seems to be some caveats in the fact that the number of addresses holding 10-10,000 BTC, as well as the very large transactions that continued in March, started to drop by percentage compared to the total addresses.
In the face of these warning signs, if you're hoping to see Bitcoin rise above $35,000 and above, you can wait a bit. Don't fantasize about it for now."
*Not investment advice.
