According to BlockBeats, there has been a significant decrease in the number of large Bitcoin transactions, also known as 'whale' transactions, over the past two days. The total number of transactions involving $100,000 or more dropped to 9,923, a 42% decrease from the previous two days' record of 17,091 transactions.
This change in whale behavior occurred as the price of Bitcoin fell from $64,685 to $63,422, and further dropped to $62,393 at the time of the report.
In addition, Ki Young Ju, CEO of CryptoQuant, stated that whales betting on the future price of Bitcoin have also retreated. He described the situation as 'whales at derivative exchanges are in a hedging mode', a term used to describe a bearish shift in market sentiment.
