Bitcoin Whales Reduce Transactions as Price Drops Below $63,000

• Bitcoin whales reduced transactions before price dropWhale transactions down 42% as BTC price fell to $62,531.
• Whale traders cautious amid market sentiment shiftIFP turning red as traders withdraw from derivatives exchanges.
• Crypto Fear and Greed Index drops to "Neutral"Sentiment declines as Bitcoin falls below $60,000.
• Spot Bitcoin ETF sees outflows over six days$226.2 million outflow on June 13.
• Analysts divided on Bitcoin's future price movementSell-side risk ratio signals market shift.
• Investment advice disclaimerReaders urged to conduct own research before making decisions.

Summary :
Bitcoin whales, or large holders of Bitcoin, have reduced their transaction activity in the past two days, coinciding with a drop in Bitcoin's price below $63,000. Data from Santiment shows a 42% decrease in whale transactions exceeding $100,000, with 9,923 transactions recorded over the previous two days compared to 17,091 transactions in the two days prior. This change in behavior comes as Bitcoin's price fell from $64,685 to $63,422 and has since declined further to $62,531. Additionally, whale traders on derivatives exchanges, who bet on the future price of Bitcoin, have also taken a step back, indicating a bearish change in market sentiment. The inter-exchange flow pulse (IFP), which tracks Bitcoin movements between spot and derivative exchanges, has turned "red," suggesting an increase in traders withdrawing their Bitcoin from derivatives exchanges. The Crypto Fear and Greed Index, a measure of market sentiment, dropped to a "Neutral" score of 51, the lowest in 51 days since Bitcoin fell below $60,000. Spot Bitcoin exchange-traded funds (ETF) have also experienced outflows over the past six trading days. However, some analysts see different indicators as signs of optimism for Bitcoin's price. Glassnode lead analyst James Check noted that the Bitcoin Sell-side Risk Ratio suggests it is time for the market to move, indicating that all the profits and losses that were expected have already been taken. It remains to be seen how these factors will impact Bitcoin's future price.

Sources :

- CoinTelegraph