Over the past two days, Bitcoin price has fallen from $64,685 to below $63,000. In parallel with this decline, the transaction activity of Bitcoin whales, which traded above $100,000, also decreased significantly during the same period. According to data provided by Santiment, the total number of Bitcoin whale transactions dropped by 42% to 9,923 in the two days in question.

Along with the whales pulling back, investors who bet on the future price of Bitcoin also appear to be taking action. Ki Young Ju, CEO of cryptocurrency market analysis platform CryptoQuant, states that whale investors have entered a “risk-off” mode. This term tells us that a general downward trend prevails in the market and investors are being cautious. This points to the fact that the intra-exchange flow pulse (IFP) metric has “turned into the red” behind this situation.

IFP monitors Bitcoin’s movements between spot and derivative exchanges and reflects the market trend through these movements. The IFP turning red indicates that investors are starting to withdraw their Bitcoins from derivative exchanges. Derivatives exchanges are platforms where financial contracts are made based on the future price of Bitcoin. This may indicate that investors are less optimistic about Bitcoin’s future price and are taking precautions against potential declines.

This cautious attitude in the Bitcoin market is also reflected in the Crypto Fear and Greed Index. This index measures the general psychology of the cryptocurrency market. The index fell to “Neutral”, its lowest level in 51 days since Bitcoin fell below $60,000. This information reveals that the general optimism in the market has decreased and investors have taken a more cautious approach.

But not everything is negative in the Bitcoin market. Some analysts remain optimistic for the Bitcoin price, looking at different indicators. James Check, chief analyst of the Glassnode platform, states that Bitcoin’s “Sell Side Risk Ratio” has reached levels indicating that it is time for the market to move. Check explains this situation with the words “all profits to be taken have been taken, the same goes for losses.” According to Check, Bitcoin should find a new price range in the coming period. This new range may cause fear, greed, panic or euphoria to prevail in the market again.

Although it is difficult to predict how the Bitcoin market will shape up in the coming days, recent developments show that investors have started to take a more cautious approach. The movements of Bitcoin whales and investors investing in the derivatives market indicate that the general optimism in the market is decreasing. But still, some analysts remain optimistic for the Bitcoin price and point out different indicators that investors should follow closely.