Bitcoin whale activity slowed down over the past two days, just before Bitcoin price dropped below $63,000.
According to data from Santiment, on June 23, the total number of Bitcoin whale transactions (exceeding $100,000) was 9,923 over 2 days, down 42% from the 17,091 transactions recorded 2 days before.
According to CoinMarketCap data, whale behavior changed amid a drop in Bitcoin price from $64,685 to $63,422 and has since dropped further to $62,306 at the time of writing.
Bitcoin 4-hour price chart | Source: TradingView
Meanwhile, whale traders betting on Bitcoin's future price also took a step back. According to CryptoQuant CEO Ki Young Ju:
“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a post on X on June 23, implying a bearish turn in market sentiment.
Source: Ki Young Ju
Ki pointed to the inter-exchange money flow momentum (IFP) turning red as the cause of the decline. IFP tracks Bitcoin's movement between spot and derivatives exchanges, reflecting market sentiment.
The IFP turning red indicates an increase in the number of traders withdrawing Bitcoin from derivatives exchanges used to enter into financial contracts based on the future price of Bitcoin.
Crypto index moves from greedy to neutral
The Crypto Fear and Greed Index, which measures market sentiment, fell to “Neutral” 51 – its lowest in 51 days since BTC price slipped below the key $60,000 level to $59,122 la.
Source: Alternative
According to Farside's data, spot Bitcoin ETFs also recorded a string of outflows over the past six trading days. The largest withdrawal day in 6 days was $226.2 million on June 13.
On the other hand, other analysts are viewing the indicators as optimistic signs about Bitcoin price.
“Bitcoin short-side risk has reached a level that signals it's time for the market to move,” Glassnode chief analyst James Check (also known as “Checkmatey”) wrote in a post on X on the 23rd /6.
“All profits have been taken away. Same with losses,” he added, explaining that Bitcoin will need to “find a new price range to stoke the flames of fear, greed, panic or euphoria.”
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