Bitcoin transactions worth $100,000 and above have dropped significantly in the last two days. Meanwhile, Bitcoin fell below $63,000.
Bitcoin Drops Below 63K After BTC Whale Transactions Drop 42%
Bitcoin whales slowed their trading activity over the past two days, just before the Bitcoin price fell below $63,000.
According to Santiment, on June 23, the total number of Bitcoin whale transactions (those of $100,000 USD and above) was 9,923 in two days, a 42% decrease compared to the 17,091 transactions recorded two days earlier.
According to CoinMarketCap data, the change in whale behavior occurred during a period when the Bitcoin price dropped from $64,685 to $63,422 and fell as low as $62,258 at the time of publication.
Meanwhile, according to CryptoQuant CEO Ki Young Ju, whales who predicted the future price of Bitcoin have also taken a step back.
“Whale traders on derivatives exchanges are in risk-off mode,” Ju said in a June 23 X post.
Ju cited the reason for this as the Interexchange-Flow-Pulse (IFP), which tracks Bitcoin movements between spot and derivative exchanges and reflects market sentiment, turned “red”.
The IFP turning red indicates an increase in investors withdrawing their Bitcoin from derivative exchanges, which are platforms used to enter into financial contracts based on the future price of Bitcoin.
Bitcoin Fear Index Turns Neutral from Greed
The Crypto Fear and Greed Index, which measures crypto market sentiment after the recent declines, fell to Neutral with 51 points.
*This is not investment advice.