Major market participants are slowing down their activity in the derivatives market, the number of traders withdrawing bitcoins has increased, 10x Research says.
Over the past week, spot Bitcoin ETFs in the US have been recording investor withdrawals, with net outflows exceeding $105 million on June 21.
The total number of transactions exceeding $100,000 completed during the day on June 20 was only 9,923, which is 42% less than at the beginning of last week (17,091 transactions).
10x Research believes that after stagnation, the value of the first cryptocurrency may begin to decline due to the lack of positive signals from institutional investors. Bitcoin will need to find a new price range to capture the fall, and then find catalysts for growth. In the medium term, the 10x Research team complains, Bitcoin should not be expected to overcome the $70,000 mark.
Earlier, the CEO of the investment company CryptoQuant, Ki Young Ju, said that over the past two weeks, Bitcoin whales and miners have reduced their positions on over-the-counter markets by $1.2 billion.
