Bitcoin Price Drops Today Rebounds to 60700
Key Points of Bitcoin Market Movement
Bitcoin encountered a setback with a 3.38% decline, settling at $60,780, and its market cap decreasing to $1.19 trillion. This shift followed a recent surge that boosted its value significantly, although the current drop has influenced market dynamics. The 24-hour trading span for Bitcoin ranged from $60,584.34 to $63,151.44.
Bitcoin’s market dominance experienced a slight decline of 0.46%, now standing at 53.18%. Several factors contributed to the recent downturn in Bitcoin prices.
Bitcoin Spot ETFs Witness Outflows
Spot Bitcoin ETFs reported outflows of $13.62 million on Tuesday, marking a reversal after five consecutive days of inflows. Notably, Grayscale’s GBTC saw outflows of $32.38 million, and Bitwise’s BITB lost $6.76 million. The total trading volume for these 11 spot Bitcoin ETFs remained below $1 billion, a significant decrease compared to the $8 to $10 billion daily volumes observed in March 2024.
Whale Transfers Impact Market
A substantial transfer of 1,800 BTC worth $114 million to Binance by a large holder or institution triggered a decline in Bitcoin’s price from $63,800 to $62,900. This entity has been actively involved, having withdrawn 6,725 BTC ($437 million) from Binance and OKX previously and transferred 3,481 BTC ($217 million) back to Binance over the last five days, averaging at $62,300 per BTC. Currently, this whale holds 7,867 BTC valued at approximately $494 million.
German Government’s Bitcoin Liquidation
The German government has been actively selling its Bitcoin holdings, with over 1,500 BTC moved on Monday, including 400 BTC worth over $25 million to platforms like Coinbase, Kraken, and Bitstamp. Since June, Germany has sold more than 2,700 BTC.
Bitcoin Miners Increase Selling
Bitcoin miners have sold over 2,300 BTC valued at about $145 million in the past 72 hours. This heightened selling pressure follows the recent Halving event, which halved block rewards to 3.125 BTC, prompting miners to sell to manage their costs.
Optimistic Outlook for Bitcoin Price
Despite recent declines, some analysts remain optimistic about Bitcoin’s future prospects. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, predicts a return to all-time highs in August, with potential for Bitcoin to reach $100,000 by the U.S. presidential election in November. Kendrick suggests that under leadership supportive of Bitcoin, such as that of Trump, regulation and mining conditions could improve.
Presently, Bitcoin is trading at $60,760, reflecting a 3.51% drop over the past day. Despite this decrease, trading volume has surged to $22.5 billion, with a market cap remaining at $1.19 trillion.