Surprise Bitcoin (BTC), Big Whale Transactions in 2023; What Do They Mean?
Bitcoin (BTC), News: Big whales are very active in moving assets, contrary to the Bitcoin price curve over the last few weeks. After many unexpected events, the price volatility in Bitcoin has slowed down since the second quarter of December 2022. The Terra collapse was a key factor in the 2022 bear markets, but the FTX bankruptcy only exacerbated the market’s weakening sentiment. The Fed’s decision in 2023 to keep raising rates in 2023 meant that the macroeconomic outlook was not improving at year end.
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In this context, there were a number of large whale transactions that took place in the last few days. This is not surprising given the current market situation. According to Crypto Quant data, four of these large asset transfers occurred in the first week of January. This suggests that there could be more of these large transfers in the weeks ahead of a short bull market.
What’s more, these transactions were associated to assets that have remained dormant for a while. The largest transfer was January 5, 2023 when 15,480 BTC were transferred. These assets were kept in the wallet without any activity for three to five years. Three other transactions were made around the same time, involving transactions of 3,001 BTC 4,614 BTC, and 5,208 BTC.
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