$100,000 or more Bitcoin transactions have seen the Bitcoin price fall sharply in the past two days, while the price of Bitcoin has returned below $63,000. One reason is that the Bitcoin whale reduced its transaction activity before the Bitcoin price dropped significantly in the past two days. It fell below $63,000.
As of June 23, the total number of Bitcoin whale transactions ($100,000) in the previous two days was 9,923, down 42% from the 17,091 transactions recorded two days earlier, and the change in whale behavior saw the price of the cryptocurrency drop to $62,708, down from $64,685 to $63,422, and publishing At the time it was down to $62,531. CoinMarketCap
Meanwhile, mainstream investors have adjusted their portfolios to reduce investments, according to Ki Young Ju, CEO of CryptoQuant, which is popular in futures trading.
“A large whale-sized investor popularly investing in derivatives exchanges is in risk reduction mode,” Ki said in a June 23 X post, which is used to describe a downward shift in market sentiment.
Ki Young Joo turns out that the reason IFP tracks bitcoin's movements between spot and derivatives exchanges is “red.” It reflects market confidence
IFP turning red indicates that traders are increasingly withdrawing their Bitcoin from derivatives exchanges. It is a platform used to enter financial contracts based on the future price of Bitcoin.
Crypto index shifts from greedy to neutral
Meanwhile, the Crypto Fear and Greed Index, which measures crypto market sentiment, fell to a “neutral” score of 51, the lowest level in 51 days since bitcoin tumbled from $60,000 to $59,122.
For its part, spot Bitcoin exchange-traded funds (ETFs) have recorded large outflows over the past six trading days, with Farside's biggest six-day outflow on June 13 at $226.2 million.
On the other hand, other analysts see different indicators as a sign of optimism for the Bitcoin price.
James Check, Glassnode's lead analyst, known as “Checkmatey,” wrote in a June 23 X post that Bitcoin's sell-to-risk ratio has reached a level that signals it's time for the market to move. All profits due have already been earned.
“When investment returns decline, Bitcoin investors need to find new price ranges. To stoke the fires of fear, greed and panic. Or complacency,” he concluded.
More than 60,000 traders liquidated their portfolios.
Although daily settlements are relatively low at $130 million, the total number of damaged traders has risen to more than 60,000 in the past week. Not so good for Bitcoin, which hit a weekly high amid massive outflows from spot ETFs. The cryptocurrency did last Tuesday, briefly crossing the $67,000 level. But the bears soon took control and began to push down.
It closed on Friday, with prices dropping to $63,500 over the weekend. This is no big deal as BTC is above $64,000.
However, to open Monday morning trading in Asia, the price dropped spectacularly again. Bitcoin lost two sessions in a matter of hours and fell below $62,500 for the first time since May 15.
Although it has recovered somewhat since then, Bitcoin is still down nearly 3% today and 6% over the past week.
While altcoins are in worse shape than ever. Popular commemorative coins FLOKI fell -12%, WIF -12%, BRETT -11.6%, PEPE -11.3% and BONK -10% in the last day.
The total crypto market cap has fallen by more than $60 billion. The highest values such as ETH, BNB, DOGE, TON and ADA lost approximately 4% of their value.
Meanwhile, CoinGlass data shows daily settlements at $135 million, a relatively low number considering the volatility. At the same time, 64,463 traders suffered losses at the same time.
“Avid gamer. Social media geek. Proud troublemaker. Thinker. Travel fan. Problem solver.”