Bitcoin Whale Transactions Fall 40%
24 Jun, 2024 ● Crypto News
In the last two days, there has been a noticeable decline in transaction activities by Bitcoin whales, coinciding with Bitcoin's price drop below $63,000.
On June 23, the number of significant Bitcoin transactions (over $100,000) dropped to 9,923, a 42% decrease from the 17,091 transactions observed in the preceding two days, as reported by Santiment.
This shift in activity among Bitcoin whales occurred as Bitcoin's price decreased from $64,685 to $63,422 and subsequently dropped further to $62,531 at the time of reporting, according to CoinMarketCap.
Additionally, whale traders on futures markets have scaled back their activities, CryptoQuant CEO Ki Young Ju reports.
“Whale traders on derivatives exchanges are in risk-off mode,” Ki declared in a June 23 X post, suggesting a bearish shift in market sentiment.
Ki attributed this shift to the inter-exchange flow pulse (IFP) turning "red."
IFP monitors Bitcoin transfers between spot and derivative exchanges to gauge market sentiment.
This shift to red signifies a surge in Bitcoin withdrawals from derivatives exchanges, which speculate on Bitcoin's future prices.
The Crypto Fear and Greed Index, a gauge of market sentiment, has fallen to a "Neutral" rating of 51, marking its lowest point in 51 days following Bitcoin's drop below the pivotal $60,000 mark to $59,122.
Furthermore, data from Farside shows a series of outflows from spot Bitcoin exchange-traded funds (ETFs) over the last six trading sessions, with the largest outflow occurring on June 13, totaling $226.2 million.
Conversely, some analysts remain optimistic about Bitcoin's future price.
“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” wrote James Check, Glassnode lead analyst and known as “Checkmatey,” in a June 23 X post.
“All the profits that were going to be taken, have been. Same for losses,” he noted, suggesting that Bitcoin will need to "find a new price range to stoke the fire of fear, greed, panic, or euphoria."
Sources:
https://cointelegraph.com/news/bitcoin-price-critical-support-level-whale-transactions-btc
https://app.santiment.net/charts/uPJ7iCFy__sCl
https://coinmarketcap.com/currencies/bitcoin/
https://x.com/ki_young_ju/status/1804522661868945722
