Key Points
- Bitcoin whale and exchange activities have significantly decreased as the asset’s price remains around $67,000.
- The number of Bitcoins entering and leaving exchanges has dropped significantly, indicating potential anticipation of market movements.
Bitcoin’s on-chain data reveals a major decline in whale and exchange activities, with the cryptocurrency’s price hovering near the $67,000 mark.
Santiment’s data highlights a 33% decrease in the number of large-scale transactions involving at least $100,000 worth of Bitcoin (BTC) in the past 24 hours. The number of these transactions fell from 9,176 to 6,101 per day.
Bitcoin Exchange Activity Drops
In a similar trend, Bitcoin’s exchange activity has also seen a significant drop. According to Santiment, the amount of BTC entering both centralized and decentralized exchanges fell from 48,289 to 26,073 coins within 24 hours.
Furthermore, the market intelligence platform’s data shows a steep decline in the number of Bitcoins being transferred from exchanges to self-custodial wallets, from 52,616 to 23,355 tokens in a single day.
Market Movement Anticipation
This decrease in on-chain activity could indicate that Bitcoin holders, regardless of their size, are potentially waiting for market movements.
Santiment reports that Bitcoin’s Relative Strength Index (RSI) is currently around 60. This indicates that the leading cryptocurrency may be slightly overbought due to uncertain market conditions.
For Bitcoin to remain in a bullish zone, its RSI would need to decrease below 50. It’s worth noting that Bitcoin’s RSI was at 28 on July 5, indicating that the asset was oversold at a price of $54,000.
At last check on Sunday, Bitcoin had increased by 0.55% in the past 24 hours and was trading at $67,000. The cryptocurrency’s market cap is around the $1.32 trillion mark, with a daily trading volume of $18 billion.
One potential driver for Bitcoin’s bullish momentum could be the consistent inflow of spot BTC ETFs in the U.S., which has helped these investment products surpass a market cap of $17 billion.
