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Bitcoin has dropped below $64,000, marking its lowest point since mid-May, due to increased selling pressure in the market.
BTC has primarily moved downwards or remained stable after surpassing the $70,000 threshold at the beginning of the month. Since that time, the leading cryptocurrency has lost over 10% of its gains during this timeframe.
What is causing the decline in BTC?
On-chain analytics indicate that some of the recent selling pressure has stemmed from Coinbase, the largest cryptocurrency exchange in the US. Data from Glassnode shows that the platform recorded $10 million in spot-selling activity, representing the highest volume within a 10-minute period in a week.
Chart Displaying Coinbase Spot Volume (Source: Glassnode)
Additionally, the German government has played a role in the current selling pressure, transferring $600 million in BTC on June 19, with $195 million directed to four exchange addresses, including Kraken, Bitstamp, and Coinbase.
Market analysts have linked BTC’s current price decline to heightened outflows from US-based spot Bitcoin exchange-traded funds (ETFs). Although interest in these ETFs surged following their approval in January, resulting in over $53 billion in inflows, the last week has seen net outflows surpassing $900 million.
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Moreover, BTC miners have been liquidating their holdings due to the financial strain caused by the recent halving event. Bitcoin analyst Willy Woo stated that BTC’s price will only rebound “when weak miners die and hash rate recovers.”
$20 million liquidation in 1 hour
Data from Coinglass indicates that the market decline led to the liquidation of approximately $20 million in crypto positions within the last hour, accumulating to $150 million over the past 24 hours.
An analysis of the liquidations reveals that long traders, who anticipated price increases, suffered the most significant losses, totaling $106 million. Conversely, short traders, who held a more pessimistic view, were liquidated for $44 million.
Bitcoin traders faced the highest losses, amounting to $42 million—$26 million from long positions and $16 million from short positions. Ethereum traders were also impacted, with liquidations reaching around $28 million.
The largest single liquidation occurred on Bybit, involving a BTCUSD transaction valued at $8.09 million.
The post Bitcoin tumbles to lowest price since mid-May under $64k appeared first on CryptoSlate.
