Bitcoin Whales Reduce Activity as BTC Drops Below $63,000
Bitcoin whales have scaled back their trading in the past couple of days, coinciding with a drop in the price of Bitcoin below $63,000.
According to data from Santiment, the number of whale transactions worth $100,000 or more totaled 9,923 over the course of two days on June 23, representing a 42% decrease compared to the 17,091 transactions recorded just two days prior.
During this period, the price of Bitcoin fell from $64,685 to $63,422, reaching as low as $62,258 at the time of writing, according to CoinMarketCap.
CryptoQuant CEO Ki Young Ju also noted that whales who predicted the future price of Bitcoin have taken a step back.
“Whale traders on derivatives exchanges are in risk-off mode,” Ju stated in a June 23 post on X.
Ju attributed this to the Interexchange-Flow-Pulse (IFP), which tracks Bitcoin movements between spot and derivative exchanges and reflects market sentiment, turning “red.”
When the IFP turns red, it indicates an increase in investors withdrawing their Bitcoin from derivative exchanges, which are platforms used for trading financial contracts based on the future price of Bitcoin.
The Crypto Fear and Greed Index, which measures market sentiment in the crypto industry following recent declines, dropped to a neutral level of 51 points.
Please note that this article is not investment advice.
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