$BTC Among the elements that are putting downward pressure on the price of Bitcoin are the refunds from the Mt. Gox exchange. This is about $9 billion dollars in BTC that would increase the supply of coins in the market and, as a consequence, the fall in the price of BTC. It can be said that this is the main factor of the current decline, but not the only one.

In parallel, whales send large amounts of BTC to centralized exchanges. Thus, what began as normal profit-taking moved to a new scale of liquidations. According to data from Lookonchain, since June 27, a whale deposited some 5,281 bitcoins on Binance, with losses of $200 million. This Wednesday the most recent shipment from that address would have occurred. This was 1,800 BTC.

The net flow (the differential between incoming and outgoing flow) of the exchanges has remained positive since last week. That indicates that holders could be prepared to liquidate.

On the other hand, it is notable that Bitcoin spot ETFs experienced liquidations. Although they are not scandalous, they go for two consecutive days, which undermines confidence. Another factor that adds to this bad moment is the German government's continued disposal of its BTC reserves.