Over the past two days, transactions involving Bitcoin (BTC) valued at $100,000 or more have significantly declined, causing Bitcoin’s price to fall below $62,000. This decrease aligns with a notable reduction in activity among large-scale Bitcoin investors, known as ‘whales,’ just before the price drop below $62k.

Data from Santiment shows that on June 23rd, there were 9,923 large transactions, a sharp 42% decrease from the 17,091 recorded in the previous two days. Additionally, Ki Young Ju, CEO of CryptoQuant, noted that whale traders forecasting Bitcoin’s future price have also reduced their activity.

Ki highlighted that the decline in large traders' activity on derivatives exchanges, referred to as “risk-off mode,” is a key factor in Bitcoin’s price drop. He mentioned that the Inter-Exchange Flow Pulse (IFP) turned ‘red,’ indicating increased withdrawals of Bitcoin from derivative exchanges, which reflects market sentiment.

At the same time, the Crypto Fear and Greed Index, which measures market sentiment, dropped to a ‘neutral’ score of 51, its lowest in 51 days, when Bitcoin fell from $60,000 to $59,122. Additionally, spot Bitcoin exchange-traded funds (ETFs) have experienced several outflows over the past six trading days.

Despite this, some analysts see potential positive signs for Bitcoin’s price. James Check, lead analyst at Glassnode, believes the market is ready for a move as the Bitcoin Sell-side Risk Ratio has reached critical levels. He emphasized that all predictable profits and losses have been realized, suggesting Bitcoin needs a new price range to provoke fear, greed, panic, or euphoria for significant changes.