Bitcoin Whales Most Active In Six Weeks As BTC Drops Under $67,000

On-chain data shows the latest crash in the Bitcoin price has come alongside a spike in transaction activity from the whale-sized addresses.

Bitcoin Whale Transaction Count Has Just Witnessed A Spike

According to data from on-chain analytics firm Santiment, the Bitcoin Whale Transaction Count has observed a surge recently. The “Whale Transaction Count” here refers to an indicator that measures the total number of transfers occurring on the BTC network that involve a sum of $100,000 or more.

Generally, only the whale entities are capable of moving around amounts this large with single transactions, so the indicator’s value is considered to represent the amount of activity that these humongous investors are taking part in.

Below is a chart that shows the trend in the Bitcoin Whale Transaction Count over the past month.

As displayed in the graph, the Bitcoin Whale Transaction Count has witnessed elevated levels in June so far, with whales making 10,095 daily transfers. This value of the indicator is the highest that it has been since April 22nd.

Interestingly, this six-week high in the metric has come alongside a steep drawdown in the cryptocurrency’s price. Given the timing, it’s possible that this whale activity corresponds to selling. However, as the Whale Transaction Count contains no information about whether accumulation or distribution is dominant, it’s hard to comment on whale behavior using its trend alone.

An effect of the bearish price action in the asset has been that CryptoQuant’s Bull Score Index has plummeted, as highlighted by the analytics firm’s head of research, Julio Moreno, in an X post. This indicator refers to the data of popular BTC on-chain metrics to provide a view of the market in terms of a single score.

From the chart, it’s apparent that the Bitcoin Bull Score Index had recovered to the 50 mark during the earlier BTC rally. A value of 50 implies that out of the ten indicators that the Bull Score Index uses, five were giving a green signal for the cryptocurrency.

Since the venture into this neutral zone, however, the market has reversed its course. The drawdown in the second half of May meant that the metric returned to the bearish zone and now, the decline in June has led it to a value of just 10, corresponding to extremely bearish conditions.

It now remains to be seen how long the asset will have to remain in this zone before a rebound can occur.

BTC Price

Bitcoin has returned below the $67,000 level for the first time since early April.