Bitcoin Drops 3% as Crypto Market Loses $150 Million in Liquidations

The cryptocurrency market experienced a significant downturn, with Bitcoin dropping by 3% and other major cryptocurrencies like Ethereum, Cardano, and Solana also seeing declines. This decline led to the liquidation of over $150 million in bullish bets, fueled by factors including large sales from Bitcoin miners, the German government moving a significant amount of BTC to exchanges, and general market sentiment influenced by these events. The CoinDesk 20 index, which tracks major tokens, slumped over 4% as long positions (bets on higher prices) recorded over $150 million in liquidations. Short positions (bets against) saw a relatively smaller $9 million in losses. The German government's sale of 3,000 BTC and the pressure on miners to sell due to higher breakeven prices after the halving event contributed to the market volatility. The drop follows heavy sales by bitcoin whales in the first two weeks of June, and outflows from U.S.-listed bitcoin ETFs. This downturn marks one of Bitcoin's worst weeks so far this year, with dollar strength and a strong U.S. technology index market contributing to the decline.