Bitcoin Collapses Under Pressure, Investors Seize Opportunity

The crypto market is facing a potential selling pressure, particularly for Bitcoin, which could be affected by short positions of hedge funds on the CME (Chicago Mercantile Exchange). Analysts warn of a possible drop in BTC to 60,000 $ due to massive sales!

Bitcoin in danger! Selling pressure threatens the market

This situation is exacerbated by recent movements of the German government. They have transferred more than $150 million in BTC to exchange platforms Bitstamp and Kraken. These governmental actions could influence the already volatile crypto market and contribute to the observed selling pressure.

The significant volatility of Bitcoin over the past week saw the cryptocurrency drop to a monthly low of $58,649 on June 24. Although BTC rebounded above $61,000, this drop has been linked to strong bearish sentiments in the market. Santiment reported that the crypto community had shown extreme negativity towards BTC in the weeks preceding the drop.

Crypto investors take advantage of the current volatility

Bitcoin ETFs have also seen a series of outflows for seven days. This led to net outflows of $542 million. Meanwhile, some Bitcoin holders are taking advantage of the recent price drop to accumulate. Analyses revealed that addresses controlling at least 0.1% of the total BTC supply added 7,130 bitcoins! This amounts to $436 million to their portfolios on June 24.

Despite market FUD, the net inflow to Bitcoin's largest wallets reached its highest level since late May.

Holders controlling at least 0.1% of the total BTC supply added 7,130 #BTC, valued at approximately $436 million, to their wallets yesterday alone. pic.twitter.com/elMilAgK58

— IntoTheBlock (@intotheblock) June 25, 2024

The Bitcoin market is currently facing potential selling pressure that could lead to price drops. Hedge funds’ movements, governmental actions, and market sentiments are all playing a role in this dynamic. While some institutional investors see an opportunity for accumulation, caution remains advised in light of market uncertainty.