📊 Blockchain data indicates that 3 massive Bitcoin transactions on June 1st and 2nd correlated with crypto's local top when $BTC's market value was attempting to bounce back above $107K. $44.03B worth of transaction volume was present on the Bitcoin blockchain, indicating a massive amount of polarization. The 3 largest transfers of the month, and among the largest of the year, were:

🐳 A 130,010 $BTC transfer worth $14.11B

🐳 A 78,647 $BTC transfer worth $9.41B

🐳 A 22,531 $BTC transfer worth $2.36B

Bookmark this handy chart page, and monitor for more of the top transactions for Bitcoin and ETH-based tokens. They will often foreshadow key market moves.

📊 Bitcoin's on-chain activity has seen sharp rises this week as its price hovers just below $105K:

📈 May 29th: 556,830 new $BTC wallets created (Highest since December 2, 2023)

🔄 June 2nd: 241,360 coins circulated (Highest since December 8, 2024)

Growth in a network's on-chain activity is generally a good sign. This is something to keep an eye on as crypto markets range. 👀

💸 Bitcoin's ETF's have seen significant money outflowing for three straight days now. There has been a total of $1.21B in net outflows, marking the first time we've seen $1B or more moving out of ETF's since the 2nd week of March.

🐳 There are now 151,820 wallets holding between 10 to 10,000 Bitcoin. These key stakeholders have aggressively been accumulating over the past week, collectively adding 79,244 $BTC (11,321 coins accumulated per day). 👀

🇺🇸 As Jerome Powell speaks on the state of U.S. inflation, we are seeing two very different stories between Bitcoin and Ethereum.

🫣 Bitcoin mentions across social media show 1.3 bullish comments for every 1 bearish comment. This reflects the crowd's high association between $BTC and the stock market, with its success highly contingent on a healthy American economy.

🥳 Ethereum mentions across social media show 3.0 bullish comments for every 1 bearish comment. This is likely due to the fact that $ETH's market value has soared +41% in just under 4 weeks. For retailers, the average trader is now excited about crypto's #2 asset after largely sidestepping it for the past 3 years.

🐳 Over the past 5 years of Bitcoin's history, no tier of wallets has been more price-correlated to crypto markets than the behavior of whales holding between 100 to 1,000 $BTC. In the past 6 weeks, this group has +337 more wallets, collectively accumulating 122,330 more Bitcoin.

😄 Are traders showing a high level of FOMO as Bitcoin's market value ranges around the $110K level? A bit, but the euphoria has calmed down a bit. And with markets moving the opposite direction of retailers' expectations, we want to continue to see some reasonable doubt.

Over the past week, we have highlighted 3 spots where there is a dangerous level of euphoria, and 3 spots where traders were overly fearful. Look for spots where bearish commentary is outweighing the bullish, as they continue to present great spots for opening & adding on to your positions.

The sentiment chart is available here, and can be toggled to 4,000+ assets.