Daily #btc💸 overview
On June 25, the Bitcoin price briefly dipped below $60k, reaching a low of $58.9k. Several factors contributed to this decline:
⚫ 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 $1.8 billion in the first three weeks of the month.
⚫ Large ETF Outflows
Since June 15, Bitcoin ETFs have seen over $1 billion 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 $24.34 million.
We hope this analysis helps members of the Cryptogram community better understand the current market developments.
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