Recent on-chain data reveals a substantial decline in both Bitcoin whale and exchange activities, even as the cryptocurrency’s price hovers around the $67,000 threshold.
Data from Santiment indicates a significant 33% reduction in whale transactions, which involve at least $100,000 worth of Bitcoin. The daily count of such transactions fell from 9,176 to 6,101 within the past 24 hours.
Similarly, Bitcoin exchange activity has sharply decreased. Santiment’s data shows that the amount of Bitcoin entering both centralized and decentralized exchanges dropped from 48,289 to 26,073 coins over the same period.
Additionally, the outflow of Bitcoin from exchanges to self-custodial wallets saw a dramatic decrease, falling from 52,616 to 23,355 tokens in the last 24 hours.
This reduction in on-chain activity suggests that Bitcoin holders, whether large or small, may be adopting a wait-and-see approach in anticipation of potential market shifts.
Santiment’s analysis also highlights that Bitcoin’s Relative Strength Index (RSI) is currently around 60. This figure suggests that the cryptocurrency is slightly overbought, given the prevailing market uncertainty. For Bitcoin to remain in a bullish trend, its RSI needs to dip below 50. Notably, the RSI was at 28 on July 5, indicating that Bitcoin was oversold at $54,000.
In the past 24 hours, Bitcoin has gained 0.55%, trading at $67,000 as of the latest update on Sunday. The cryptocurrency’s market capitalization is approximately $1.32 trillion, with a daily trading volume of $18 billion.
A potentially positive development for Bitcoin’s bullish outlook is the sustained inflows into U.S. spot Bitcoin ETFs, which have helped these investment products surpass a market capitalization of $17 billion.
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