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On-chain data shows a significant decrease in the Bitcoin whale and exchange activities as the asset’s price remains close to the $67,000 mark.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of Bitcoin (BTC) dropped by 33% over the past 24 hours — falling from 9,176 to 6,101 unique transactions per day.
Quite similarly, the Bitcoin exchange activity also recorded a notable decrease. Per data from Santiment, the number of BTC entering centralized and decentralized exchanges plunged from 48,289 to 26,073 coins in the past 24 hours.
Moreover, data from the market intelligence platform shows that the number of Bitcoins leaving exchanges — to self-custodial wallets — took a deep dive from 52,616 to 23,355 tokens over the past day.
The decline in the asset’s on-chain activity shows that Bitcoin holders, both large and small, could be waiting for potential market movements.
According to Santiment, the Bitcoin Relative Strength Index (RSI) is hovering around the 60 mark. The indicator shows that the flagship cryptocurrency is slightly overbought at this price point due to the uncertain market conditions.
For BTC to remain in the bullish zone, its RSI would need to cool down below the 50 mark. Notably, the Bitcoin RSI was sitting at 28 on July 5, showing the asset was oversold at $54,000.
Bitcoin is up by 0.55% in the past 24 hours and was trading at $67,000 at last check Sunday. The token’s market cap is hovering around the $1.32 trillion mark, with a daily trading volume of $18 billion.
One of the bullish events for Bitcoin’s bullish momentum could be the consistent spot BTC ETF inflows in the U.S. — helping the investment products surpass a market cap of $17 billion.