Bitcoin whales slowed their transaction activity in the past two days, just before Bitcoin’s price slipped below $63,000.

According to Santiment, on June 23, the total number of Bitcoin whale transactions — those $100,000 USD or above — was 9,923 over the two days, a 42% decrease from the 17,091 transactions recorded the two days prior.

The change in whale behavior comes amid Bitcoin’s price falling from $64,685 to $63,422 and has since declined further to $62,531 at the time of publication, according to CoinMarketCap data.

Meanwhile, whale traders betting on the future price of Bitcoin have also taken a step back, according to CryptoQuant CEO Ki Young Ju.

“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X post, a term to describe a bearish change in market sentiment.

Ki pointed to the Interexchange-Flow-Pulse (IFP) turning “red” as his reason behind this which tracks Bitcoin movements between spot and derivative exchanges, reflecting market sentiment. 

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.

Bitcoin index turns to Neutral from Greed

Crypto Fear and Greed Index, which measures crypto market sentiment, dropped to a “Neutral” score of 51, the lowest it has been in 51 days when Bitcoin fell below the critical $60,000 level to $59,122.

Spot Bitcoin exchange-traded funds (ETF) have also recorded a string of outflows over the past six trading days, as per Farside data. The largest day of outflows over the six-day period was $226.2 million on June 13.

Related: Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention

On the other hand, other analysts are looking at different indicators as signs of optimism for Bitcoin’s price.

“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Glassnode lead analyst James Check, aka “Checkmatey” wrote in a June 23 X post.

“All the profits that were going to be taken, have been. Same for losses,” he added before explaining that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”

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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.