In a recent tweet, blockchain analytics platform Santiment (@santimentfeed) highlighted that the five largest Bitcoin transactions of 2023 have all taken place in March, with the most recent being a massive 20,000 BTC transfer (~$564M) occurring on March 31.

"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." Santiment wrote in a blog post.

Santiment's data shows a significant increase in the number of coins moving back onto exchanges between March 13th and 21st, as Bitcoin's price soared to 28k. However, as prices began to range tightly between 27k-29k, the supply started to move off exchanges once again.