According to Santiment, the total number of bitcoin whale transactions ($100,000 or more) in the past two days was 9,923, a 42% decrease from the 17,091 recorded in the previous two days. The change in whale behavior occurred as the bitcoin price fell from $64,685 to $63,422, and has since fallen further to $62,393 at the time of this article. At the same time, CryptoQuant CEO Ki Young Ju said that whale traders who bet on the future price of bitcoin have also retreated. "Whale traders on derivatives exchanges are in safe-haven mode," a term used to describe bearish changes in market sentiment.