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Bitcoin Holds $61K After a Brief Nosedive

Bitcoin, the world’s largest digital asset, has managed to hold above $61,000 despite a brief nosedive to $59,200 during early Asian trading. The cryptocurrency has faced selling pressure from various factors including ongoing ETF outflow, upcoming bankruptcy redemptions by Mt. Gox, and miner sales. Over the past 24 hours, Bitcoin has experienced a 2% decline and a 6% drop over the past week. The CoinDesk Indices Bitcoin Trend Indicator reflects a notable downtrend, although the CoinDesk 20, which measures the largest digital assets, remains relatively steady due to Ether’s resistance to pricing pressures seen with Bitcoin. Conversely, Lido (LDO), an Ether staking protocol, has performed well, gaining 14% in a single day and 25% in the last week. This success is attributed to traders being satisfied with its fees, revenue, and total value locked. Bitcoin’s recent sell pressure can be attributed to the upcoming Mt. Gox bankruptcy redemptions and the sale of mining assets. Market data also shows that Bitcoin ETFs saw a significant outflow of $174 million as trading closed in New York, following a nearly $1 billion outflow last week. Looking ahead, there is a 14% chance that Bitcoin will rebound to $65,000 by the end of the week, according to Polymarket bettors, while the likelihood of an ether ETF starting trading by July 4 sits at 71%.