The main sources of new selling pressure include the following:

Mt Gox estate: The trustee of the Mt Gox bankruptcy liquidation recently announced that it will initiate the repayment process for Bitcoin and Bitcoin Cash in early July 2024. [2] As of now, the value of Bitcoin held in the estate has reached $8.9 billion. [3] However, there is still some uncertainty as to whether creditors will choose to convert the proceeds into fiat currency, and the specific time frame for conversion.

German government Bitcoin liquidation: German official agencies recently launched a liquidation of Bitcoin confiscated in 2013. [4] According to data service providers such as Arkham Intelligence, Bitcoin wallets associated with the German government transferred nearly 4,000 Bitcoins to cryptocurrency exchanges in June, with a total value of approximately $220 million. [5] This move undoubtedly brought new selling pressure to the market.

The US government has launched a new selling wave: On June 26, the US government sold 3,940 Bitcoins through the Coinbase Prime Deposit platform, with a total value of up to $240 million. These bitcoins originated from the confiscation of assets from a convicted drug dealer. [6] It is worth noting that this is not the first large-scale sell-off by the US government this year. Previously, in March 2023, +Exchange Junyang 831712929 the US government has confirmed the sale of 9,861 BTC, worth approximately US$216 million.

US spot Bitcoin ETP fund outflows: In terms of market fund flows, in the second half of June, US spot Bitcoin exchange-traded products (ETPs) experienced significant net outflows of funds, reaching US$581 million. This is in stark contrast to the net inflow trend in May and early June, further exacerbating the market's selling atmosphere. #德国政府转移比特币 #CPI数据 #美联储何时降息？ $BNB $BTC #德国政府转移比特币 $RPL

#美联储何时降息？ #美国大选如何影响加密产业？ #币安7周年 $BTC $ETH Ten signs of an approaching bull market:

Although the short-selling forces have increased, the market is as stable as a rock and it is difficult to shake its upward trajectory.
In the ups and downs of the coin market, even the most inconspicuous tokens can ride the wind and waves, with unlimited gains and difficult to find logic.
Everyone says that they have missed the opportunity, but in fact, many people reluctantly gave up at a low price, waiting for a bargain, but unexpectedly the price soared.
Outsiders in the coin circle also heard the news, and the voices of consultation were endless. Capital rushed in and it was very lively.
Good news is pouring in, halving, interest rate cuts, and debt ceiling increases. The market is inexhaustible and has sufficient ammunition.
It is sideways and ready to go. Once it breaks through, its increase will far exceed the limit of the sideways period and soar into the sky.
In the carnival, few people are calm. Everyone is drunk but I am sober. There is still a chance to get on the train.
Every day there are regrets, as if billions of wealth have been missed. The market is passionate and cannot be missed.
The small fluctuations in the past are no longer surprising, but today's increase of dozens of points is just an ordinary scene. The market has entered a new era.
The door to wealth has quietly opened. The dream of getting rich overnight seems to be not out of reach in the bull market.