In the past two days, Bitcoin whales have significantly reduced their transaction activity just before Bitcoin’s price dipped below $63,000.

According to data from Santiment, on June 23, the total number of Bitcoin whale transactions (those exceeding $100,000) dropped to 9,923, marking a 42% decrease from the 17,091 transactions recorded during the two preceding days.

This shift in whale behavior coincided with Bitcoin’s price decline from $64,685 to $63,422, and it has since fallen further to $62,531 at the time of publication, as reported by CoinMarketCap.

At the same time, whale traders who speculate on Bitcoin’s future price have also pulled back, as noted by CryptoQuant CEO Ki Young Ju.

“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X post, referring to a bearish shift in market sentiment.

Ki attributed the decline to the inter-exchange flow pulse (IFP) turning “red.” The IFP, which tracks Bitcoin movements between spot and derivative exchanges, reflects market sentiment.

A red IFP indicates that more traders are withdrawing their Bitcoin from derivatives exchanges, which are used for entering financial contracts based on Bitcoin’s future price.

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Additionally, the Crypto Fear and Greed Index, which gauges crypto market sentiment, fell to a “Neutral” score of 51.

This is the lowest score in 51 days, following Bitcoin’s drop below the critical $60,000 level to $59,122.

Spot Bitcoin exchange-traded funds (ETF) have also experienced a series of outflows over the past six trading days, according to Farside data. T

he largest single-day outflow during this period was $226.2 million on June 13.

Despite these bearish indicators, some analysts see signs of optimism for Bitcoin’s price.

Glassnode lead analyst James Check, known as “Checkmatey,” highlighted the Bitcoin Sell-side Risk Ratio as a positive indicator in a June 23 X post.

“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Check wrote.

“All the profits that were going to be taken, have been. Same for losses,” he added, suggesting that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”

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