On-chain data indicates a notable decrease in Bitcoin whale and exchange activities as the asset’s price hovers near the $67,000 mark.

According to Santiment, the number of whale transactions involving at least $100,000 worth of Bitcoin has dropped by 33% over the past 24 hours, going from 9,176 to 6,101 unique transactions per day.

Similarly, Bitcoin exchange activity has also seen a significant decline. Data shows that the number of BTC entering centralized and decentralized exchanges has decreased from 48,289 to 26,073 coins in the last 24 hours.

Moreover, the number of Bitcoins leaving exchanges to self-custodial wallets has plunged from 52,616 to 23,355 tokens over the past day.

The decline in on-chain activity suggests that Bitcoin holders, both large and small, might be waiting for potential market movements.

According to Santiment, the Bitcoin Relative Strength Index (RSI) is around the 60 mark. This indicates that the cryptocurrency is slightly overbought at this price point due to uncertain market conditions. For BTC to stay in the bullish zone, its RSI would need to drop below the 50 mark. On July 5, the Bitcoin RSI was at 28, showing the asset was oversold at $54,000.

Bitcoin is up by 0.55% in the past 24 hours and was trading at $67,000 as of the last check on Sunday. The token’s market cap is around $1.32 trillion, with a daily trading volume of $18 billion.

One of the bullish factors for Bitcoin’s momentum could be the consistent spot BTC ETF inflows in the U.S., helping investment products reach a market cap of $17 billion.

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