The significant decrease in transaction activity of whale investors observed in Bitcoin in the last two days raises questions in the market. With the Bitcoin price falling below $63,000, this increases speculation that whales are withdrawing from Bitcoin and directing their investments to other assets.
Bitcoin whales' transactions decreased
Bitcoin transactions worth $100,000 and above have decreased significantly in the last two days. This decline occurred around the same time that the Bitcoin price fell below $63,000. According to Santiment data, whale transactions decreased by 42% to 9,923 on June 23 compared to two days earlier. CryptoQuant CEO Ki Young Ju attributes this decline to investors losing optimism about the future price of Bitcoin.
Ju points to this as a sign that the Interexchange-Flow-Pulse (IFP) indicator has turned "red", which shows that whale investors on derivative exchanges have switched to risk-averse mode and started withdrawing their Bitcoins from these exchanges. Following the recent declines, the Crypto Fear and Greed Index dropped to 51 points and reached the Neutral level. This shows that investors have a cautious view of the market.
Is capital flowing into altcoins?
Meanwhile, the altcoin market has also declined in recent weeks. Last weekend, the entire altcoin market, including Ethereum (ETH) and other top 10 altcoins, lost more than $25 billion in value. However, analysts predict that this may be the last correction before new capital flows into the altcoin market. Prominent crypto analyst Michael van de Poppe predicts that the recent downtrend for altcoins is over and major capital rotation could begin in the coming weeks.
Van de Poppe states that the altcoin market is in its final stages and investors are preparing for a potential rise. He also highlights that although the altcoin market fell 30% in the last correction, it is still down 50% from its all-time high in 2021. Poppe expects a 100% rally in altcoins once the correction ends, which could be in line with Bitcoin's trend.
Although the Bitcoin and altcoin markets have been in a downtrend lately, some analysts are expecting a market recovery in the coming weeks. The fact that whales reduce transaction activity in the Bitcoin market and the general sentiment in the market drops to a neutral level creates uncertainty. However, analysts predict that the altcoin market has experienced its recent decline and a new uptrend is about to begin. It is important for investors to be careful and follow the market closely during this period.
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