Bitcoin price plummeted below $63,000, amid a 42% decrease in whale transactions (Bitcoin transactions over $100,000).
Bitcoin is down 2.92% in the past 24 hours.
According to data from Santiment, the number of Bitcoin transactions with large values above $100,000 has dropped sharply in the past two days. Specifically, only 9,923 transactions were recorded, down 42% compared to 17,091 transactions two days ago. This decline coincided with Bitcoin price falling below $63,000, a key support level.
CryptoQuant CEO Ki Young Ju said that major traders on derivatives exchanges have switched to a “low-risk” mode, which is interpreted as a shift in market sentiment from bullish to pessimism. This is reflected in the cross-exchange flow momentum index turning red, indicating an increase in Bitcoin withdrawals from derivatives exchanges.
The Fear and Greed Index, a measure of cryptocurrency market sentiment, fell to a “neutral” level of 51, its lowest level in 51 days since Bitcoin fell below the $60,000 threshold. Along with that, cash flows into Bitcoin ETFs also recorded a decline in the last six trading days, with the largest day being $226.2 million on June 13, showing that institutional investors are being cautious. more important when pouring capital into Bitcoin.
However, it's not all bad news. Some analysts still see optimistic signals for Bitcoin price. Glassnode principal analyst James Check said Bitcoin's sell risk index has reached a level that signals a market move. He explained that all the profits and losses have been recorded, Bitcoin needs to find a new price to trigger fear, greed, panic or euphoria in the market.