Author: Ciaran Lyons, CoinTelegraph; Translated by: Deng Tong, Golden Finance
Bitcoin whales slowed down their trading activity over the past two days, just before the price of Bitcoin fell below $63,000.
According to data from Santiment, the total number of Bitcoin whale transactions (over $100,000) on June 23 was 9,923 in the previous two days, a 42% decrease from the 17,091 transactions recorded in the previous two days.
The change in whale behavior came as the price of Bitcoin dropped from $64,685 to $63,422, according to CoinMarketCap, and has since fallen further to $62,531 at the time of publishing.
Bitcoin is down 2.92% in the past 24 hours. Source: CoinMarketCap
Meanwhile, CryptoQuant CEO Ki Young Ju said whale traders, who bet on the future price of Bitcoin, have also taken a step back.
Ki said in a June 23 post that “whale traders on derivatives exchanges are in risk-off mode,” a term that describes a bearish shift in market sentiment.
Source: Ki Young Ju
Ki pointed to the Intertrade Flow Pulse (IFP) turning “red” as the reason for the decline. The IFP tracks the movement of Bitcoin between spot and derivatives exchanges, reflecting market sentiment.
The IFP turning red indicates an increase in traders withdrawing Bitcoin from derivatives exchanges, which are platforms used to enter into financial contracts based on the future price of Bitcoin.
Cryptocurrency index turns from greed to neutral
The Crypto Fear and Greed Index, a measure of cryptocurrency market sentiment, fell to a “neutral” score of 51, its lowest level in 51 days since Bitcoin fell below the key $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETFs) have also seen a series of outflows over the past six trading days, according to Farside data. June 13 was the day with the largest outflows over the six days, at $226.2 million.
On the other hand, other analysts are looking at different indicators as signs of optimism for the Bitcoin price.
“Bitcoin sell-side risk ratios have reached levels that suggest it’s time for the market to take action,” Glassnode chief analyst James Check, also known as “Checkmatey,” wrote in a June 23 article.
“All the profits to be taken have already been taken. The same goes for the losses,” he added, explaining that Bitcoin needs to “find a new price range to ignite fear, greed, panic or euphoria.”
