Main Points About Bitcoin, Web3, Ethereum, and Cryptocurrency:
- Bitcoin whale and exchange activities decline as price hovers near $67,000
- Whale transactions drop by 33% in the past 24 hours according to Santiment data
- Exchange activity sees notable decrease with BTC entering exchanges falling from 48,289 to 26,073 coins
- Number of Bitcoins leaving exchanges to self-custodial wallets decrease significantly
- Bitcoin RSI indicates slight overbought status at a price point of $67,000
- Bitcoin is up by 0.55% in the past 24 hours, trading at $67,000 with a market cap of $1.32 trillion
- Spot BTC ETF inflows in the U.S. surpass $17 billion, contributing to Bitcoin’s bullish momentum
Bitcoin Whale and Exchange Activities Decline
Recent on-chain data reveals a significant decrease in Bitcoin whale and exchange activities as the asset’s price remains close to the $67,000 mark. According to Santiment, whale transactions involving at least $100,000 worth of Bitcoin have decreased by 33% in the past 24 hours, dropping from 9,176 to 6,101 unique transactions per day.
Exchange Activity and Bitcoin RSI Analysis
Additionally, Bitcoin exchange activity has also experienced a notable decrease, with the number of BTC entering centralized and decentralized exchanges plunging from 48,289 to 26,073 coins over the past day. The data from Santiment also highlights a significant decrease in the number of Bitcoins leaving exchanges to self-custodial wallets, dropping from 52,616 to 23,355 tokens.
Bitcoin Price and Market Cap Update
The decline in on-chain activity suggests that Bitcoin holders, both large and small, may be awaiting potential market movements. The Bitcoin Relative Strength Index (RSI) hovering around the 60 mark indicates that the flagship cryptocurrency is slightly overbought at the current price point. To maintain a bullish position, Bitcoin’s RSI would need to cool down below the 50 mark. Despite these fluctuations, Bitcoin is up by 0.55% in the past 24 hours, trading at $67,000 with a market cap of $1.32 trillion.
