Bitcoin transactions over $100K have dropped significantly in the past two days, with Bitcoin falling below $63K.
The transaction activity of Bitcoin billionaires has decreased in the past two days, just before the price of Bitcoin fell below $63,000.
Santiment reported that the total number of Bitcoin whale transactions, which exceeded USD 100,000, was 9,923 over two days on June 23. This represents a 42% decrease from the 17,091 transactions recorded two days prior.
The alteration in whale behavior has occurred in the context of Bitcoin’s price decline from $64,685 to $63,422, which has since continued to decline to $62,531 at the time of publication, as indicated by CoinMarketCap data.
In the interim, CryptoQuant CEO Ki Young Ju has indicated that whale traders wagering on the future price of Bitcoin have also retreated.
“Whale traders on derivatives exchanges are in risk-off mode,” Ju stated in a June 23 X post, a term used to convey a bearish shift in market sentiment.
Ju cited the Interexchange-Flow-Pulse (IFP) turning “red” as the cause for this, which monitors the movements of Bitcoin between spot and derivative exchanges, reflecting current market sentiment.
An increase in the number of traders withdrawing their Bitcoin from derivatives exchanges, which are platforms used to enter financial contracts based on Bitcoin’s future price, is indicated by the IFP switching to red.
Bitcoin index Transitions to Neutral
Bitcoin index transitions to Neutral from Greed The Crypto Fear and Greed Index, which gauges sentiment in the cryptocurrency market, has plunged to a “Neutral” score of 51, its lowest level in 51 days, following Bitcoin’s descent from the critical $60,000 level to $59,122.
Farside data has also indicated that spot Bitcoin exchange-traded funds (ETFs) have experienced a series of outflows over the past six trading days. On June 13, the most significant day of outflows during the six days was $226.2 million.
Conversely, other analysts interpret various indicators as optimism regarding Bitcoin’s price. James Check, a lead analyst at Glassnode and also known as “Checkmate,” stated in a June 23 X post that the Bitcoin Sell-side Risk Ratio had attained levels that indicate it is time for the market to move.
“All the profits that were going to be taken, have been. Same for losses,” he also stated that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”