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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