Bitcoin Whale Transactions and Exchange Activity See Significant Decline

According to data from Santiment, the number of whale transactions involving at least $100,000 worth of Bitcoin has dropped by 33% over the past 24 hours, decreasing from 9,176 to 6,101 unique transactions per day. Similarly, Bitcoin exchange activity has also seen a notable decrease. Data shows the number of BTC entering centralized and decentralized exchanges has plunged from 48,289 to 26,073 coins in the past day. Additionally, the number of Bitcoins leaving exchanges for self-custodial wallets has significantly fallen from 52,616 to 23,355 tokens.

Market Movements and On-Chain Activity

The decline in Bitcoin’s on-chain activity suggests that holders, both large and small, might be waiting for potential market movements. Santiment reports that the Bitcoin Relative Strength Index (RSI) is around 60, indicating that the flagship cryptocurrency is slightly overbought given the current market conditions. For BTC to stay in the bullish zone, its RSI needs to drop below 50. Notably, the Bitcoin RSI was at 28 on July 5, showing the asset was oversold at $54,000.

Current Bitcoin Market Status

Bitcoin has risen by 0.55% in the past 24 hours and was trading at $67,000 at the last check on Sunday. The token’s market cap is approximately $1.32 trillion, with a daily trading volume of $18 billion. One of the bullish factors supporting Bitcoin’s momentum is the consistent inflow into spot BTC ETFs in the U.S., helping these investment products surpass a market cap of $17 billion.