The main sources of new selling pressure include the following:

Mt Gox estate: The trustee of the Mt Gox bankruptcy liquidation recently announced that it will initiate the repayment process for Bitcoin and Bitcoin Cash in early July 2024. [2] As of now, the value of Bitcoin held in the estate has reached $8.9 billion. [3] However, there is still some uncertainty as to whether creditors will choose to convert the proceeds into fiat currency, and the specific time frame for conversion.

German government Bitcoin liquidation: German official agencies recently launched a liquidation of Bitcoin confiscated in 2013. [4] According to data service providers such as Arkham Intelligence, Bitcoin wallets associated with the German government transferred nearly 4,000 Bitcoins to cryptocurrency exchanges in June, with a total value of approximately $220 million. [5] This move undoubtedly brought new selling pressure to the market.

The US government has launched a new selling wave: On June 26, the US government sold 3,940 Bitcoins through the Coinbase Prime Deposit platform, with a total value of up to $240 million. These bitcoins originated from the confiscation of assets from a convicted drug dealer. [6] It is worth noting that this is not the first large-scale sell-off by the US government this year. Previously, in March 2023, +Exchange Junyang 831712929 the US government has confirmed the sale of 9,861 BTC, worth approximately US$216 million.

US spot Bitcoin ETP fund outflows: In terms of market fund flows, in the second half of June, US spot Bitcoin exchange-traded products (ETPs) experienced significant net outflows of funds, reaching US$581 million. This is in stark contrast to the net inflow trend in May and early June, further exacerbating the market's selling atmosphere. #德国政府转移比特币 #CPI数据 #美联储何时降息？ $BNB $BTC #德国政府转移比特币 $RPL