The price of Bitcoin has recently slipped below the $63,000 mark, following a significant decline in whale transactions. According to data from Santiment, Bitcoin transactions exceeding $100,000 have dropped by 42% over the past two days, with only 9,923 transactions recorded, down from 17,091 in the previous period.
This reduction in whale activity has coincided with a price drop from $64,685 to $62,531. Market analysts are observing this trend closely, noting that the inter-exchange flow pulse (IFP) has turned "red," indicating increased withdrawals from derivatives exchanges. This shift suggests a bearish sentiment among large-scale traders, further impacting the market.
The Crypto Fear and Greed Index has also reflected this shift, falling to a "Neutral" score of 51, the lowest in over 50 days. Additionally, Bitcoin exchange-traded funds (ETFs) have experienced outflows over the past week, with the largest being $226.2 million on June 13.
Despite the downturn, some analysts remain optimistic. Glassnode's lead analyst, James Check, points out that the Bitcoin Sell-side Risk Ratio indicates it might be time for the market to move, with both profits and losses largely realized.
As the market navigates these fluctuations, investors are advised to stay informed and cautious, considering the potential for further volatility.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
