Bitcoin has fallen lower and lower since hitting $71,754 on June 5. The crypto market has faced selling pressure including spot ETFs, mining companies’ Bitcoin reserves, and even sales of Bitcoin seized by governments.
Table of contents
ToggleETF outflows for six consecutive days
According to data compiled by Bitcoin.com , Bitcoin fell from 67,301 US dollars to 62,913 US dollars in the past week, and spot ETFs have had net outflows for six consecutive days.
The total capital outflow in the six days 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.
Miners 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.
Government abandons Bitcoin auctions, turns to exchanges to sell them
In addition, German authorities transferred approximately US$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.
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 US$13.9 billion, and 53,900 ether coins, worth US$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.
