The main catalysts for this decline were the sale of seized Bitcoin by the German and U.S. governments, and the beginning of repayments by the bankrupt Japanese exchange Mt. Gox, which triggered "preemptive" selling in the market.

Rachel Lin said: The selling pressure is unlikely to ease in the short term. The German government still holds about $2.2 billion in Bitcoin, the U.S. government holds more than $12 billion, and Mt. Gox still holds more than $8 billion in assets. In the next few years, Bitcoin’s trend today will depend on the selling pressure from Mt. Gox users

If the selling volume is lower than expected, we could see a rebound, on the other hand, if there is enough selling volume to push the price down, we could see $50,000 soon.

LinChen, head of Asia-Pacific business at Deribit, analyzed that last week, except for a small amount of net outflows on Tuesday and Wednesday, and the Independence Day holiday on Thursday, the BTC spot ETF had net inflows on other days. Last week, the total net inflow reached US$237.8 million. Although the increase was Market sentiment remained low this week, but BTC once rebounded from $54,000 to $57,000.

Rachel Lin said: Focus on the opening of US stocks this Monday. If it rises again, this wave of Bitcoin bottoming may be over.

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