Bitcoin Whale Activity Declines as Price Stays near $67,000
On-chain data shows a significant decrease in Bitcoin whale and exchange activities as the asset’s price remains close to $67,000.
Santiment data reveals that the number of whale transactions of at least $100,000 worth of Bitcoin (BTC) dropped by 33%, from 9,176 to 6,101 unique transactions per day.
Quite similarly, Bitcoin exchange activity recorded a notable decrease. BTC entering centralized and decentralized exchanges plunged from 48,289 to 26,073 coins in the past 24 hours.
Moreover, the number of Bitcoins leaving exchanges to self-custodial wallets took a deep dive from 52,616 to 23,355 tokens over the past day.
The asset’s on-chain activity decline suggests that Bitcoin holders, both large and small, might be waiting for potential market movements.
According to Santiment, the Bitcoin Relative Strength Index (RSI) hovers around 60, indicating the flagship cryptocurrency is slightly overbought due to uncertain market conditions.
For BTC to remain in the bullish zone, its RSI needs to cool down below 50. Notably, the Bitcoin RSI was at 28 on July 5, showing the asset was oversold at $54,000.
Bitcoin is up by 0.55% in the past 24 hours, trading at $67,000 at last check Sunday. Its market cap is around $1.32 trillion, with a daily trading volume of $18 billion.
One bullish event could be the consistent spot BTC ETF inflows in the U.S., helping these investment products surpass a market cap of $17 billion.
