Bitcoin falls below $63K after BTC whale transactions drop 42%
$Bitcoin(BTC.CC$ whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.
According to Santiment, on June 23, the total number of Bitcoin whale transactions — those $100,000 USD or above — was 9,923 over the two days, a 42% decrease from the 17,091 transactions recorded the two days prior.
The change in whale behavior comes amid Bitcoin’s price falling from $64,685 to $63,422.
According to Santiment, on June 23, the total number of Bitcoin whale transactions — those $100,000 USD or above — was 9,923 over the two days, a 42% decrease from the 17,091 transactions recorded the two days prior.
The change in whale behavior comes amid Bitcoin’s price falling from $64,685 to $63,422.
Meanwhile, whale traders betting on the future price of Bitcoin have also taken a step back.
Ki pointed to the Interexchange-Flow-Pulse (IFP) turning “red” as his reason behind this which tracks Bitcoin movements between spot and derivative exchanges, reflecting market sentiment.
The IFP turning red indicates an increase in traders withdrawing their Bitcoin from derivatives exchanges, which are platforms used for entering financial contracts based on Bitcoin’s future price.
The IFP turning red indicates an increase in traders withdrawing their Bitcoin from derivatives exchanges, which are platforms used for entering financial contracts based on Bitcoin’s future price.
Bitcoin index turns to Neutral from Greed
Crypto Fear and Greed Index, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest it has been in 51 days when Bitcoin fell below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETF) have also recorded a string of outflows over the past six trading days, as per Farside data. The largest day of outflows over the six-day period was $226.2 million on June 13.
Crypto Fear and Greed Index, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest it has been in 51 days when Bitcoin fell below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETF) have also recorded a string of outflows over the past six trading days, as per Farside data. The largest day of outflows over the six-day period was $226.2 million on June 13.
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