Bitcoin's recent price drop, leading to over $300 million in crypto market liquidations, is attributed to two key factors, according to Gayatri Choudhury, Quantitative Research Analyst at Bitwise. First, Bitcoin miners have been consistently selling their BTC due to lower revenues and increased global competition since the fourth Bitcoin halving in April. On June 9, over 3000 BTC were transferred from mining pools to Binance, marking a two-month peak.

Secondly, the announcement from Mt. Gox about repaying customers their long-lost Bitcoin in July after ten years of dormancy has added to market concerns. The exchange holds over 141,000 BTC worth more than $8.5 billion, leading to fears of an abrupt wave of BTC sell pressure.

Despite these challenges, Choudhury remains optimistic, reminding that just a year ago, Bitcoin was trading at $30,000 and $10,000 the year before that. Crypto investors are also eagerly anticipating the launch of Ethereum ETFs in the United States, expected to attract $4 billion in the first five months.