Bitcoin (btc) Falls Below $63k After Batak Wahale Transactions Drop 42%

Bitcoin transactions worth $100,000 or more are now significantly reduced and pasted. Meanwhile, Bitcoin swans below $63,000.

Bitcoin has seen little transaction activity over the past two days, before the price dipped below $63,000.

On June 23, the total number of Bitcoin whale transactions (over $100,000) was 9,923 compared to the previous two days, a 42% decrease from the 17,091 transactions recorded two days earlier, according to data from Sentiment.

Changes in the behavior of whales come between the price of Bitcoin

BTC Tickers below

$62,466

According to CoinMarketCap data, it fell from $64,685 to $63,422 and has since fallen further to $62,531 at the time of publication.

Key pointed to a "reddening" of the Inter-Exchange Flow Pulse (IFP) as the reason behind the decline. IFP tracks the movement of Bitcoin between spot and derivatives exchanges, reflecting market sentiment.

The IFP turning red reflects an increase in traders withdrawing their bitcoins from derivatives exchanges, platforms used to make financial contracts based on the future price of bitcoin.

Current index shifts from grid to neutral

The Crypto Fear & Grade Index, which measures crypto market sentiment, fell to a "neutral" score of 51, the lowest in 51 days after Bitcoin fell from the crucial $60,000 level to $59,122.

Spot bitcoin exchange-traded funds (ETFs) have also recorded a string of outflows over the past six trading days, according to Farside data. The largest day of outflows in six days was on June 13 at $226.2 million.

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On the other hand, other analysts are looking at different indicators as signs of optimism for the price of Bitcoin.

Glassnode principal analyst James Check, also known as "Checkmatey," wrote in a June 23 X post that "Bitcoin sell-side risk ratio has reached a level that signals it's time for the market to move."

“All the profits that were meant to be taken have been made. Ditto for losses," he added, explaining that bitcoin "will need to find a new price range to fuel the fires of fear, greed, panic or euphoria."

Meanwhile, whale traders betting on bitcoin's future price have also taken a step back, according to CryptoQuant CEO Ki Young Joo.

"Whale traders on derivatives exchanges are in risk-off mode," Key said in a June 23 X post, a term used to describe a bearish shift in market sentiment.

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