Bitcoin transactions worth $100,000 or above have significantly fallen over the past two days. Meanwhile, Bitcoin has retraced below $63,000.
Bitcoin whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.
On June 23, the total number of Bitcoin whale transactions (exceeding $100,000) was 9,923 over the previous two days, a 42% decrease from the 17,091 transactions recorded the two days prior, according to data from Santiment.
The change in whale behavior comes amid the price of Bitcoin
BTC $61,091 fell from $64,685 to $63,422 and has since declined further to $62,531 at the time of publication, according to CoinMarketCap data.
Meanwhile, whale traders betting on the future price of Bitcoin have also taken a step back, according to CryptoQuant CEO Ki Young Ju.
“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X post, a term to describe a bearish change in market sentiment.
Ki pointed to the inter-exchange flow pulse (IFP) turning “red” as the reason behind the decline. The IFP tracks Bitcoin movements between spot and derivative exchanges, reflecting market sentiment.
The IFP turning red indicates an increase in traders withdrawing their Bitcoin from derivatives exchanges, which are platforms used for entering financial contracts based on Bitcoin’s future price.
Crypto index turns from greed to neutral
The Crypto Fear and Greed Index, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest it has been in 51 days since Bitcoin fell below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETF) have also recorded a string of outflows over the past six trading days, according to Farside data. The largest day of outflows over the six days was $226.2 million on June 13.
On the other hand, other analysts are looking at different indicators as signs of optimism for Bitcoin’s price.
“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Glassnode lead analyst James Check, also known as “Checkmatey,” wrote in a June 23 X post.
“All the profits that were going to be taken, have been. Same for losses,” he added, explaining that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”
Source: Cointelegraph
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