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

Bitcoin transactions worth $100,000 or above have significantly fallen over the past two days. Meanwhile, Bitcoin has retraced below $63,000.

Bitcoin whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.transactions 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.Meanwhile, whale traders betting on the future price of Bitcoin have also taken a step back, according to CryptoQuant CEO Ki Young Ju.

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., 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.

“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.”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.

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