Bitcoin Whales Left the Market: There is a 42 Percent Drop in Price!

Bitcoin whales reduced their trading activity just before the Bitcoin price fell below $63,000.

According to Santiment data, as of June 23, the total number of Bitcoin whale transactions exceeding $100,000 was recorded as 9,923 in the last two days. This marks a 42% decrease from the 17,091 transactions recorded in the previous two days.

This change occurred as the Bitcoin price dropped from $64,685 to $63,422, falling further to $62,531 at the time of publication.

The Crypto Fear and Greed Index, on the other hand, measures crypto market sentiment and this index dropped to a “Neutral” score of 51 after Bitcoin fell below the critical $60,000 level to $59,122. This is the lowest level in the last 51 days.

Spot Bitcoin exchange-traded funds (ETFs) have also recorded outflows over the last six trading days. According to Farside data, the biggest outflow in these six days was the $226.2 million outflow on June 13.

These changes in market sentiment and the decrease in whale activity continue to attract the attention of investors, influencing Bitcoin price fluctuations.

Whales reduced transactions

On the other hand, whale investors who bet on the future Bitcoin price also retreated. CryptoQuant CEO Ki Young Ju stated that whale investors in derivative exchanges have switched to risk aversion mode. In his post dated June 23, X cited the inter-exchange flow pulse (IFP) turning “red” as the reason for this decline.

IFP reflects market sentiment by tracking Bitcoin movements between spot and derivative exchanges. The IFP turning red indicates that investors are withdrawing their Bitcoins from derivative exchanges.