Key facts
- Bitcoin whale transaction count reached 10,095 daily transfers, the highest since April 22.
- This surge in whale activity occurred as Bitcoin's price dropped below $67,000.
- The Whale Transaction Count indicator measures transfers of $100,000 or more.
- The Bitcoin Bull Score Index has fallen to a value of 10, indicating extremely bearish conditions.
On-chain data reveals a significant increase in transaction activity from Bitcoin whale-sized addresses, coinciding with the cryptocurrency's price falling below $67,000. According to analytics firm Santiment, the Bitcoin Whale Transaction Count, which tracks transfers of $100,000 or more, reached 10,095 daily transfers in June. This marks the highest level of whale activity since April 22. The surge in whale transactions occurred simultaneously with a steep drawdown in Bitcoin's price. While this elevated activity could indicate selling, the Whale Transaction Count does not differentiate between accumulation and distribution, making it difficult to definitively interpret whale behavior based on this metric alone. Concurrently, CryptoQuant's head of research, Julio Moreno, noted that the Bitcoin Bull Score Index has plummeted to a value of 10, signaling extremely bearish market conditions. This indicator aggregates data from popular on-chain metrics to provide a single market score, which had previously recovered to the 50 mark during an earlier Bitcoin rally.