Crypto:
30604
Bitcoin:
$63.024
% 4.45
BTC Dominance:
%53.6
% 0.35
Market Cap:
$2.21 T
% 1.97
Fear & Greed:
33 / 100
Bitcoin:
$ 63.024
BTC Dominance:
% 53.6
Market Cap:
$2.21 T

Bitcoin Whales Reduce Transactions as Price Slips Below $63,000

Bitcoin, Downtrend

Bitcoin whales have significantly slowed their transaction activity in the past two days, coinciding with Bitcoin’s price drop below $63,000. Data from Santiment shows that the number of Bitcoin whale transactions — those worth $100,000 or more — fell by 42% from 17,091 to 9,923 over the past two days.

Whale Activity and Market Sentiment

This change in whale behavior comes as Bitcoin’s price fell from $64,685 to $63,422, further declining to $62,312 at the time of publication, according to CoinMarketCap data. CryptoQuant CEO Ki Young Ju noted that whale traders on derivatives exchanges have adopted a risk-off approach, indicating a bearish market sentiment. “Whale traders on derivatives exchanges are in risk-off mode” Ki stated in a June 23 X post.

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Ki attributed this sentiment shift to the Interexchange-Flow-Pulse (IFP) turning red, signaling increased Bitcoin withdrawals from derivatives exchanges. These platforms are used for entering financial contracts based on Bitcoin’s future price, and the red IFP suggests a bearish outlook.

Market Sentiment Indicators

The Crypto Fear and Greed Index, which measures crypto market sentiment, has dropped to a “Neutral” score of 51, its lowest in 51 days. This drop follows Bitcoin falling below the critical $60,000 level to $59,122. Additionally, spot Bitcoin exchange-traded funds (ETFs) have seen outflows over the past six trading days, with the largest outflow of $226.2 million occurring on June 13, according to Farside data.

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Contrasting Views on Bitcoin’s Future

Despite the bearish sentiment, some analysts remain optimistic about Bitcoin’s future. Glassnode lead analyst James Check, also known as “Checkmatey,” pointed to the Bitcoin Sell-side Risk Ratio as a positive indicator. “The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Check wrote in a June 23 X post. He explained that all potential profits and losses have been realized, and Bitcoin needs to find a new price range to incite fear, greed, panic, or euphoria.

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