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Bitcoin Falls Below $64,000 Amid Heavy Selling

Bitcoin Falls Below $64,000 Amid Heavy Selling

Bitcoin's price has dropped under $64,000, marking its lowest point since mid-May due to significant market sell-offs.

Recent data highlights heavy selling activity on Coinbase, the largest crypto exchange in the U.S. According to Glassnode, the platform saw $10 million in spot-selling within a ten-minute window, the highest in a week.

The German government has also impacted the market by moving $600 million in Bitcoin on June 19. Of this, $195 million was transferred to exchanges like Kraken, Bitstamp, and Coinbase.

Market analysts attribute Bitcoin’s price weakness to substantial outflows from U.S.-based Bitcoin ETFs.

READ MORE: Standard Chartered Launches Bitcoin and Ethereum Trading Desk

While these funds saw massive inflows of over $53 billion following their January approval, the past week witnessed net outflows exceeding $900 million.

Bitcoin miners are offloading their holdings due to financial pressures from the recent halving event. Analyst Willy Woo suggests that Bitcoin’s price will stabilize once weaker miners exit and the hash rate recovers.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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