Bitcoin Dips Below $63K as Whale Activity Slows Down

Bitcoin's price has dropped below $63,000, following a significant decrease in Bitcoin whale transactions. Over the past two days, the number of transactions worth $100,000 or more has fallen by 42%, according to Santiment. This coincides with a bearish shift in market sentiment as indicated by derivatives traders withdrawing Bitcoin from exchanges. The Crypto Fear and Greed Index has also moved to 'Neutral', signifying a lower level of risk appetite. Meanwhile, Bitcoin spot ETFs have experienced outflows over the past week, further indicating a cautious market approach. Some analysts remain optimistic about Bitcoin's future, seeing the recent pullback as a potential opportunity for the market to find a new price range.