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