Bitcoin Whales Switching To Risk-Off Mode After $61,000 Crash

Name	Symbol	Market	Market Cap ($)	Algorithm
Pepe	PEPEUSD	Crypto	5,048,280,000	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Pepe

PEPEUSD

Crypto

5,048,280,000

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00000100	-7.69%	0.000012	0.000012	0.000012

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00000100

-7.69%

0.000012

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.000013	0.000012	0.000013	0.000013	0.00000060 - 0.000017

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.000013

0.000012

0.000013

0.00000060 - 0.000017

Exchange	Last Trade	Size	Trade Price	Currency
GEMN	15:46:17	10,968.00	0.000012	USD

Exchange

Last Trade

Size

Trade Price

Currency

GEMN

15:46:17

10,968.00

0.000012

USD

Price x Volume	Volume	Base Symbol	Related Pairs
969,951.00	78,845,639,825.60	PEPE	PEPEEUR

Price x Volume

Volume

Base Symbol

Related Pairs

969,951.00

78,845,639,825.60

PEPE

PEPEEUR

Bitcoin Whales Switching To Risk-Off Mode After $61,000 Crash

24/06/2024 8:00pm

NEWSBTC

On-chain data shows the Bitcoin whales have been dialing back risk on derivatives exchanges following the latest downturn in the cryptocurrency. Bitcoin Inter-Exchange Flow Pulse Has Just Turned Red As explained by CryptoQuant founder and CEO Ki Young Ju in a new post on X, the Bitcoin Inter-Exchange Flow Pulse is now giving a red signal. The Inter-Exchange Flow Pulse (IFP) is an indicator that tracks the BTC movements between spot and derivatives exchanges. When the value of this metric rises, the amount of cryptocurrency going from spot to derivatives platforms goes up. Such a trend implies that large entities like the whales are potentially looking to open up new positions in the derivatives market. Related Reading: Bitcoin Slips Under $64,000: Here’s Where The Next Support Is On the other hand, a decline in the indicator suggests investors are transferring fewer coins to the derivatives exchanges. This trend could signal a decreasing appetite for risk positions in the sector. Now, here is a chart that shows the trend in the Bitcoin IFP, as well as its 90-day simple moving average (SMA), over the past decade: As displayed in the above graph, the Bitcoin IFP had been climbing earlier, but the metric seems to have reversed its direction recently, as it’s now heading down instead. Following the latest decline, the indicator has crossed below its 90-day SMA. Historically, the IFP observing a cross with its 90-day SMA has signified a market sentiment shift. A breakout above this line suggests the whales are willing to take risks with the asset again, which can potentially be a bullish signal. The chart shows that such a cross occurred around both the 2018 and 2022 bear market lows. On the other hand, a plunge under the 90-day SMA usually takes place near tops, as it implies the whales are looking at derivative positions as too risky. Related Reading: PEPE Has 80% Of Holders In Profit: How It Compares To DOGE & BTC As the indicator has once more seen the latter type of crossover, it’s possible that the asset could end up facing some bearish momentum. This possible shift to a bearish sentiment, however, doesn’t have to last for too long. The previous instance of the IFP dropping below its 90-day SMA in January. This crossover coincided with Bitcoin’s downturn following the spot exchange-traded fund (ETF) approval. The bearish momentum ended up only temporary, though, as the cryptocurrency soon found a breakout that led to its new all-time high (ATH). The asset observed only a temporary effect from this crossover in 2016 before catching back an uptrend into the 2017 bull run. It remains to be seen where this bearish Bitcoin IFP crossover will lead to this time. BTC Price Bitcoin hasn’t seen an end to its recent decline, as its price has now dropped to $61,200. Featured image from Dall-E, CryptoQuant.com, chart form TradingView.com

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