Distribution of Mt. Gox

Mt. Gox announced plans to begin distributing 143,000 BTC to its creditors, which created significant selling pressure and caused panic in the market.

Miner sales

In June, miner sales reached a yearly high. Miners sold about 30,000 BTC worth $1.8 billion in the first three weeks of the month.

Large outflows from ETFs

Since June 15, Bitcoin ETFs have recorded nearly $1 billion in outflows. The ETF has seen outflows for seven straight trading days and is expected to continue doing so.

Sales of BTC by the German government

Besides miners and ETFs, the German government also sells BTC. It has sold over $200 million and is still holding over $2.8 billion.

All of these factors caused significant selling pressure and widespread forced liquidations.

On June 25, the Bitcoin rate returned to $61,000 after reaching a local minimum of $58,500 yesterday evening. Ethereum quotes approached $3,400. As a result of volatility, positions worth more than $300 million were liquidated in one day.