Bitcoin

Bitcoin whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.
On June 23, the total number of Bitcoin <a href="https://app.santiment.net/charts/uPJ7iCFy__sCl" target="_blank" rel="noopener nofollow">whale</a> transactions&nbsp; (exceeding $100,000) was 9,923 over the previous two days, a 42% decrease from the 17,091 transactions recorded the two days prior, according to data from Santiment.
The change in whale behavior comes amid the price of Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) falling from $64,685 to $63,422 and has since declined further to $62,531 at the time of publication, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/b1cac6ec-3e39-49a5-9069-402780296f7d.png" alt="" title="">
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 Bitcoin is down 2.92% over the past 24 hours. Source: CoinMarketCap
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Meanwhile, whale traders betting on the future price of Bitcoin have also taken a step back, according to CryptoQuant CEO Ki Young Ju.
“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X <a href="https://x.com/ki_young_ju/status/1804522661868945722" target="_blank" rel="noopener nofollow">post</a>, a term to describe a bearish change in market sentiment.
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 Source: <a href="https://x.com/ki_young_ju/status/1804522661868945722" target="_blank" rel="noopener nofollow">Ki Young Ju</a>
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Ki pointed to the inter-exchange flow pulse (IFP) turning “red” as the reason behind the decline. The IFP tracks Bitcoin movements between spot and derivative exchanges, reflecting market sentiment.&nbsp;
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.
<h3 data-ct-non-breakable="true" id="crypto-index-turns-from-greed-to-neutral">Crypto index turns from greed to neutral&nbsp;</h3>
The Crypto Fear and Greed <a href="https://alternative.me/crypto/fear-and-greed-index/" target="_blank" rel="noopener nofollow">Index</a>, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest it has been in 51 days since 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, <a href="https://farside.co.uk/?p=1321" target="_blank" rel="noopener nofollow">according</a> to Farside data. The largest day of outflows over the six days was $226.2 million on June 13.
Related:<a href="https://cointelegraph.com/news/bitcoin-price-loses-ground-as-ton-pepe-kas-and-jasmy-catch-traders-attention"> Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention</a>
On the other hand, other analysts are looking at different indicators as signs of optimism for Bitcoin’s price.
“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Glassnode lead analyst James Check, also known as “Checkmatey,” wrote in a June 23 X <a href="https://x.com/_Checkmatey_/status/1805033195190256043" target="_blank" rel="noopener nofollow">post</a>.
“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.”
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin falls below $63K after BTC whale transactions drop 42%

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Cointelegraph

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