Bitcoin has fallen lower and lower since hitting $71,754 on June 5, with the crypto market facing selling pressure from spot ETFs, miners’ Bitcoin reserves, and even Bitcoin from government seizures.
(Billions of dollars have left the country in recent days! BTC 62K, meme coins have all fallen, and cryptocurrencies have entered a generally falling market)
ETF outflows for six consecutive days
According to data compiled by Bitcoin.com, Bitcoin has fallen from $67,301 to $62,913 over the past week, and spot ETFs have experienced six consecutive days of net outflows.
The total six-day outflow was US$960.2 million (more than 15,000 BTC), and the current asset size of the 11 Bitcoin spot ETFs is approximately US$55.55 billion.
Bitcoin spot ETF sees net outflows as mining companies continue to sell Bitcoin
Miners' Bitcoin reserves have also declined. Between June 20 and June 22, miners' Bitcoin reserves decreased by approximately 1,125 BTC, while the expected revenue from computing power per second is still hovering above $50. This This means increased costs for miners, especially in terms of equipment, electricity and other operating costs.
(CoinShares report: After the Bitcoin halving, the cost price of miners is US$37,800, and only 5 mining companies can make profits)
Government abandons Bitcoin auctions, turns to exchanges to sell them
In addition, German authorities transferred approximately $200 million in Bitcoin from wallets last week. The fund transfer involved exchanges such as Coinbase, Kraken, and Bitstamp. They were considered to have sold some assets and still held 47,179 BTC.
(On-chain institution Arkham: The German government sold nearly $200 million in BTC and still holds 47,000 BTC)
German Federal Criminal Police Office (Bundeskriminalamt, BKA)
UK Government Bitcoin Address
Bitcoin.com noted that governments appear to be abandoning auction formats to sell seized Bitcoins, with countries such as the United States choosing to execute sales directly on mainstream exchanges.
The Bitcoin holdings data platform BitcoinTreasuries shows that the U.S. government holds 217,486 BTC, ranking first in the world with a value of $13.9 billion, and 53,900 ether coins, worth $187 million.
Followed by China with 190,000 BTC, the UK with 61,245 BTC and Germany with 47,179 BTC. In total, governments’ Bitcoin holdings have reached 2.7% of the total supply.
US Government Crypto Asset Address
This article Crypto market encounters selling pressure: spot ETF outflows, mining company reserves reduced, government agencies sell-off first appeared in Chain News ABMedia.
