Bitcoin whales have captured the attention of investors as the price of Bitcoin plummeted below $63,000. In the last two days, there has been a significant decrease in transactions involving $100,000 or more worth of Bitcoin, coinciding with the drop in price.
According to Santiment data, Bitcoin whale transactions dropped by 42%, with only 9,923 transactions recorded on June 23 compared to 17,091 transactions two days prior. This decrease in whale activity happened as Bitcoin’s price fell from $64,685 to $63,422, reaching as low as $62,258.
CryptoQuant CEO Ki Young Ju noted that whales who usually predict Bitcoin’s future price have also pulled back, particularly on derivatives exchanges. The Interexchange-Flow-Pulse (IFP) indicator turned “red,” signaling that investors were withdrawing their Bitcoin from derivative exchanges, which are used for financial contracts based on Bitcoin’s future price.
In light of the recent market decline, the Crypto Fear and Greed Index dropped to a neutral level with 51 points. It is important to note that this information is not investment advice.
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