BitcoinWhales slowed down trading activity over the last two days just before the price dropped below $63,000.
According to Santiment, on June 23, the total number of Bitcoin whale transactions worth $100,000 or more was 9,923 in two days; This was a 42 percent decrease from the 17,091 transactions recorded two days earlier. According to CoinMarketCap data, the change in whale behavior occurred during the period when the Bitcoin price dropped from $64,685 to $63,422.
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According to CryptoQuant CEO Ki Young Ju, whales who took big risks on the future price of Bitcoin also took a step back. “Whales on derivatives exchanges are in risk-averse mode,” Ki wrote in his June 23 X post.
He pointed out that the Interexchange-Flow-Pulse (IFP), which monitors Bitcoin movements across spot and derivative exchanges and reflects market sentiment, turned “red” behind this. The IFP turning red indicates an increase in the number of traders withdrawing their Bitcoin from derivative exchanges, which are platforms used to enter into financial contracts based on the future price of Bitcoin.
Critical index for Bitcoin turned neutral
The Crypto Concern and Greed Index, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest level in 51 days when Bitcoin fell below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETFs) have also recorded a series of outflows over the last six trading days, according to Farside data. The biggest debut in the six-day period was June 13 with $226.2 million.
On the other hand, other analysts look at different indicators as signs of optimism regarding the Bitcoin price.
“Bitcoin Sell Side Risk Ratio has reached levels that indicate it is time for the market to move,” Glassnode chief analyst James Check, aka “Checkmatey,” wrote in a June 23 X post.
“All profits due have been taken. “The same goes for losses,” he added, before explaining that Bitcoin should “find a new price range to fuel the fire of fear, greed, panic or enthusiasm.”