Bitcoin Nears $62K as Crypto Bulls See $150M in Liquidation

Bitcoin is inching closer to the $62,000 mark as cryptocurrency bulls continue to witness around $150 million in liquidation. In the past 24 hours, major tokens including Bitcoin, Ethereum, Cardano, and Solana experienced declines of up to 7.5%. These drops have led to the liquidation of bullish bets worth over $150 million. The factors contributing to this include Bitcoin miners selling off large amounts of BTC, the German government moving a significant portion of BTC to exchanges, and the overall market sentiment being influenced by these actions. The decline in major tokens has resulted in long positions suffering losses of over $150 million, while short positions have incurred losses of around $9 million. Bitcoin miners have been facing immense pressure to sell due to higher breakeven prices after the halving, reducing their BTC holdings to the lowest level in 14 years. Additionally, the market has been spooked by the emergence of a new large supply pool, as the German government allegedly sold about 3,000 BTC with 47,000 more to go. Last week, bitcoin whales sold over $1 billion worth of BTC, further impacting the market. This drop in prices extends one of bitcoin’s worst weeks so far this year, partly influenced by dollar strength and a strong U.S. technology index market. Furthermore, U.S.-listed bitcoin exchange-traded funds (ETFs) saw net outflows of over $1 billion last week.