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<ul>
 <li>Mt. Gox to distribute 143,000 BTC in July, adding selling pressure and causing market anxiety.</li>
 <li>Miners sold 30,000 BTC worth $1.8B in June due to halving, increasing market sell-offs.</li>
 <li>Bitcoin ETFs saw nearly $1B outflows since mid-June, contributing to price decline.</li>
</ul>
<p>Bitcoin recently fell below $61,000, hitting a new monthly low of <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$60,993.31</a>. This sharp decline has been attributed to several significant factors, each contributing to the current market sentiment. Here is an in-depth look at the reasons behind this downward trend.</p>
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   <p lang="en" dir="ltr">WHY IS BITCOIN DUMPING?<br>&nbsp;<br>BTC recently dropped below $61,000, <br>making a new monthly low of $60.5K<br>&nbsp;<br>Here are some of the major reasons <br>behind this BTC dump <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><br>&nbsp;<br>1) Mt. Gox distribution&nbsp;<br>&nbsp;<br>Just a few hours ago, Bloomberg <br>reported that Mt. Gox had announced <br>plans to distribute…</p>— Ash Crypto (@Ashcryptoreal) <a href="https://twitter.com/Ashcryptoreal/status/1805233509339894159?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 24, 2024</a>
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<h4 class="wp-block-heading" id="h-mt-gox-distribution"><strong>Mt. Gox Distribution</strong></h4>
<p>A major factor behind Bitcoin’s recent price drop is the impending distribution of 143,000 BTC by <a href="https://cryptonewsland.com/mt-gox-set-to-commence-bitcoin-and-bitcoin-cash-repayments-in-july-2024/" rel="noopener noreferrer nofollow">Mt. Gox to its creditors</a>. Bloomberg reported that the rehabilitation trustee is set to commence repayments in Bitcoin and Bitcoin Cash starting in July 2024.&nbsp;</p>
<p>This distribution, which has been long-awaited, is likely to introduce substantial selling pressure into the market, as many creditors may choose to liquidate their holdings upon receipt. The announcement has already caused market anxiety, leading to panic selling among investors.</p>
<h4 class="wp-block-heading" id="h-increased-miner-selling"><strong>Increased Miner Selling</strong></h4>
<p>June has seen a significant increase in <a href="https://cryptonewsland.com/bitcoin-miners-sell-off-30k-btc-as-halving-tightens-margins/" rel="noopener noreferrer nofollow">Bitcoin selling by miners</a>. Reports indicate that miners have offloaded approximately 30,000 BTC, valued at around $1.8 billion, within the first three weeks of the month.&nbsp;</p>
<p>This surge in sales is largely attributed to the recent Bitcoin halving event, which has reduced profit margins for miners. Consequently, many have opted to liquidate portions of their reserves to maintain operational viability and profitability, adding to the selling pressure in the market.</p>
<h4 class="wp-block-heading" id="h-substantial-etf-outflows"><strong>Substantial ETF Outflows</strong></h4>
<p>Another contributing factor to Bitcoin’s price decline is the substantial <a href="https://cryptonewsland.com/us-bitcoin-etfs-record-152m-outflow-in-continued-downtrend/" rel="noopener noreferrer nofollow">outflows from Bitcoin ETFs</a>. Since June 15, Bitcoin ETFs have experienced nearly $1 billion in outflows.&nbsp;</p>
<p>This trend marks a significant decline in investor interest, with U.S. spot Bitcoin exchange-traded funds seeing four consecutive days of net outflows. Fidelity’s FBTC experienced the largest outflow, losing $83 million. This continuous outflow trend has exacerbated the downward pressure on Bitcoin’s price.</p>
<h4 class="wp-block-heading" id="h-german-government-selling"><strong>German Government Selling</strong></h4>
<p>In addition to miners and ETF outflows, the <a href="https://www.binance.com/en/square/post/2024-06-24-qcp-capital-14-9892612267361" rel="noopener noreferrer nofollow">German government</a> has also been selling Bitcoin. Over $200 million worth of BTC has been sold, with the government still holding over $2.8 billion worth of Bitcoin. This additional selling has further contributed to the market’s downward momentum.</p>
<h4 class="wp-block-heading" id="h-market-implications"><strong>Market Implications</strong></h4>
<p>These factors have collectively led to significant spot selling and massive forced liquidations, resulting in Bitcoin’s price drop. Despite the current bearish trend, long-term prospects for Bitcoin remain optimistic, with many analysts predicting it will eventually <a href="https://cryptonewsland.com/crypto-analyst-predicts-bitcoin-to-100k-and-ethereum-to-10k-despite-market-fluctuations/" rel="noopener noreferrer nofollow">surpass $100,000</a>. However, the short-term market conditions suggest a period of volatility and uncertainty.</p>
<p>Investors are advised to remain calm and hold their positions, avoiding the impulse to sell during market dips. The current downturn is viewed by some as a temporary phase, with the potential for significant gains in the future.</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/spot-bitcoin-etfs-suffer-145-83-million-outflows-amid-market-uncertainty/" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs Suffer $145.83 Million Outflows Amid Market Uncertainty</a></li>
 <li><a href="https://cryptonewsland.com/us-bitcoin-etfs-record-152m-outflow-in-continued-downtrend/" rel="noopener noreferrer nofollow">US Bitcoin ETFs Record $152M Outflow in Continued Downtrend</a></li>
 <li><a href="https://cryptonewsland.com/us-spot-bitcoin-etfs-report-226m-outflows-fidelitys-fbtc-leads/" rel="noopener noreferrer nofollow">US Spot Bitcoin ETFs Report $226M outflows, Fidelity’s FBTC leads</a></li>
 <li><a href="https://cryptonewsland.com/record-breaking-outflow-bitcoin-miners-transfer-volume-skyrockets/" rel="noopener noreferrer nofollow">Record Breaking Outflow: Bitcoin Miners’ Transfer Volume Skyrockets</a></li>
 <li><a href="https://cryptonewsland.com/xrp-bucks-trend-with-700k-inflows-as-bitcoin-and-ethereum-see-70m-outflows/" rel="noopener noreferrer nofollow">XRP Bucks Trend with $700K Inflows as Bitcoin and Ethereum See $70M+ Outflows</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/bitcoins-fall-below-61k-miners-etfs-and-government-sales-drive-decline/" rel="noopener noreferrer nofollow">Bitcoin’s Fall Below $61K: Miners, ETFs, and Government Sales Drive Decline</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin’s Fall Below $61K: Miners, ETFs, and Government Sales Drive Decline

Crypto News Land

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