159279Analyst Firm ‘Santiment’ Warns Beware of Bitcoin Sell-Off from Big Dealers

159279

Analyst Firm ‘Santiment’ Warns Beware of Bitcoin Sell-Off from Big Dealers

A leading crypto analytics firm is sending out a warning message to Bitcoin (BTC) holders that the transactions of the large miners over the past month may be a major cause for concern among Bitcoin investors.

Santiment said five of the largest Bitcoin transactions this year occurred in March, with the largest BTC transfer coming in at about $564 million.

Brian Quinlivan, director of marketing at Santiment, says in a new blog post that large BTC transactions that coincide with the decline in the number of Bitcoin in bookmakers’ holdings may indicate that the big bucks are taking the plunge. Aiming to sell and make a profit

“From the large transactions that took place in March. Likewise, the level of addresses holding Bitcoin between 10 – 10,000 BTC continues to decline. There seems to be some warning signs to look out for if you hope to see Bitcoin rise to $35,000 and beyond…”

“The 5 biggest transactions of 2023 happened in March. And it appears to be a result of Bitcoin’s rally and investor fears that Bitcoin may have peaked after a roughly 70% rally for BTC.”

Quinlivan also shared a graph showing a decline in the ratio of Bitcoin supply held by bankers or institutional investors holding Bitcoin ranging from 10-10,000 BTC.

“The holding percentage as shown by this dealer’s yellow line looks very worrying. But looking at the percentage of the Bitcoin supply they are holding after they have been buying them all the way in late January, there has been some profit taking.”

The price of Bitcoin at the time of writing is $28,427.