The currency market is under selling pressure: Bitcoin ETF has experienced net outflows for 6 consecutive days, mining companies have reduced their reserves, and national-level market crashes have occurred

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 the government.

ETF outflows for six consecutive days

According to data compiled by Bitcoin.com, Bitcoin fell from 67,301 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 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.

Bitcoin spot ETF net outflow

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 value of computing power per second is still hovering above $50, which means that miners’ costs increase, especially in terms of equipment, electricity and other operating costs.

German Federal Criminal Police Office (Bundes krimin alamt, BKA)

UK Government Bitcoin Address

Bitcoin.com pointed out that governments seem to be abandoning auction formats to sell seized Bitcoins, the United States, etc. The state chose to execute the sell-off directly on mainstream exchanges.

Bitcoin Treasures, a Bitcoin holding data platform, 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.

US Government Crypto Asset Address

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