• Bitcoin lost 3%, while other major cryptos such as Ethereum Cardano and Solana saw declines.
  • The decline in Bitcoin prices led to the liquidation over $150 million of bullish bets. This was due to factors such as large sales by Bitcoin miners, German government moving significant amounts of BTC into exchanges and the general market sentiment affected by these movements.

BTC Price Index and Live Chart – CoinDesk”>(BTC) reversed last week’s gains causing over $150 million in bullish bets to be liquidated over the weekend.

ETH Price Index and Live Chart – CoinDesk”>(ETH), Cardano’s ADA, and BNB Chain’s BNB registered similar losses. DOGE Price Index and Live Chart – CoinDesk”>(DOGE) and shiba inu (SHIB) dropped nearly 5%.

The CD20, which tracks the major tokens without stablecoins has fallen by just over 4%.

Longs (or bets placed on higher prices) saw their liquidations increase to more than 150 million dollars. Losses for shorts (or bets against) were a much smaller $9 million. A liquidation is when an exchange closes the leveraged position of a trader due to partial or total loss in initial margin.

Some funds attributed losses to Bitcoin miners’ large sales and a reactionary sentiment due to the German government’s move of a significant amount BTC into exchanges.

In a Telegram broadcast, Singapore-based QCP Capital stated that “miners are under enormous pressure to sell due to higher breakeven prices after the halving.” “Miner BTC holds have fallen to the lowest levels we’ve seen over the last 14 years. Total reserves are down by 50,000 since the beginning of the year.”

The market was also spooked when a large new pool of supply emerged. It was reported that the German government sold 3k BTC over the past few days, with another 47K to go.

The German Federal Criminal Police Office (BKA), which had seized almost 50,000 BTC from a piracy site in 2013, may indicate intentions to sell. The German Federal Criminal Police Office (BKA), which had seized almost 50,000 BTC from a piracy site in 2013, <a href="https://www.coindesk.com/markets/2024/06/19/german-government-agency-moves-425m-bitcoin-some-to-crypto-exchanges/#:~:text=A%20German%20government%20agency%20appears,may%20indicate%20intentions%20to%20sell. Last week, the German Federal Criminal Police Office (BKA), which had seized almost 50,000 BTC from a piracy site in 2013, a href="https://www.coindesk.com/markets/2024/06/19/german-government-agency-moves-425m.bitcoin.some.to%20cryptoexchanges/#::text=A%20German%20government%20agency%20appears,may%20indicate%20intentions%20may%20may%20may%20may%20may%20may%20may%20may%20may%20may%20is%20may%20may%20may%20may%20may%20may%20may%20may%20may%20a%20may%20a%20may%20may%20may%20may%20may%20may%20in%20in%20in%20in%20in%20a%20in%20to%20…

The drop on Monday extends the worst week for bitcoin so far in this year. BTC prices are generally down in recent weeks due to $1 billion of sales by large holders, dollar strength and a strong U.S. index market.

data show that U.S. bitcoin ETFs registered over $1 billion of net outflows in the last week.

UPDATE: (June 24, 0720 UTC) Changes the headline to include direction of price change.

Parikshit Miishra is the editor.