Bitcoin whale activity declines as the price stays near $67k

On-chain data shows a significant drop in Bitcoin whale and exchange activity, with the asset’s price remaining near the $67,000 level.

According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of Bitcoin (BTC) has dropped by 33% in the past 24 hours, with the number of daily unique transactions dropping from 9,176 to 6,101.

BTC price, whale activity, exchange activity and RSI – July 21 | Source: Santiment

Similarly, Bitcoin exchange activity has also seen a significant decline. According to Santiment’s data, the number of BTC entering centralized and decentralized exchanges has dropped from 48,289 to 26,073 coins in the last 24 hours.

Additionally, data from the market intelligence platform shows that the number of Bitcoin sent from exchanges to self-custody wallets dropped from 52,616 to 23,355 in the past day.

The decline in the asset’s on-chain activity suggests that both large and small Bitcoin holders may be waiting for potential market movements.

According to Santiment, Bitcoin’s Relative Strength Index (RSI) is hovering around the 60 mark. The indicator suggests that the flagship cryptocurrency is slightly overbought at this price point amid uncertain market conditions.

For BTC to remain in bullish territory, its RSI would need to drop below the 50 mark. Notably, Bitcoin’s RSI was at 28 on July 5, suggesting that the asset was oversold at $54,000.

Bitcoin is up 0.55% in the last 24 hours and was trading at $67,000 at last check on Sunday. The token’s market cap is hovering around $1.32 trillion and its daily trading volume is $18 billion.

One positive development for Bitcoin’s bullish momentum could be the continued inflows into BTC ETFs in the U.S. This has helped the investment products surpass a market value of $17 billion.