Rapper Drake lost over $1m in Bitcoin betting on the NBA Fin | AuthSANKchain on Binance Square

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Rapper Drake lost over $1m in Bitcoin betting on the NBA Finals and Stanley Cup, with unsuccessful bets on the Dallas Mavericks and Edmonton Oilers. 

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Bitcoin exchange balances are hitting six-year lows, but some analysts argue this metric is overrated. As 140,000 Mt. Gox $BTC ($9 billion) prepares for release, debate sparks over its impact on the market. Analyst Matthew Hyland suggests supply fluctuations don’t directly correlate with BTC price, while Samson Mow believes any Mt. Gox sales will likely be OTC, having minimal price impact.

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On June 25, Bitcoin price briefly dipped below $60k, hitting as low as $58.9k. A few factors for this decline include: ⚫ Mt. Gox Distribution Mt. Gox announced plans to start distributing 143k BTC to its creditors, creating significant selling pressure and causing market panic. ⚫Miner Sales In June, miner sales reached a yearly high. Miners sold about 30k BTC worth $1.8bn in the first three weeks of the month. ⚫ Large ETF Outflows Since June 15, Bitcoin ETFs have seen over $1bn in outflows. ETFs experienced outflows for seven consecutive trading days, and this trend is expected to continue. ⚫Sales by the German Government Last week, the German Government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken. Today, they transferred a total of 400 BTC to Coinbase and Kraken, worth about $24.34m.

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Bitcoin ETFs experienced a $1.3bn outflow over the past two weeks, with Grayscale leading at $517m. BlackRock was the only fund with positive results, showing a $43m inflow.

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Digital asset investment products experienced significant outflows for the second consecutive week, totaling $584m: ⚫️Bitcoin saw $630m in outflows, but short positions also decreased by $1.2m ⚫️Ethereum faced $58m in outflows, reflecting negative sentiment ⚫️Multi-asset products had $98m in inflows, indicating investor interest in altcoins ⚫️The US led with $475m in outflows, while Switzerland and Brazil saw inflows of $39m and $48.5m, respectively

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BtcTurk, one of Turkey's largest crypto exchanges, was attacked on June 22, leading to a halt in deposits and withdrawals. Hot wallets of 10 cryptocurrencies were affected, but cold wallets remain safe. Additionally, $54m of AVAX was sold today, with the source address linked to a Turkish exchange.

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