Bitcoin Drops Below $61K as $260 Million in Long Positions Liquidated

Bitcoin (BTC) has plunged below $61,000, continuing its downward trend from last week. The drop has resulted in the liquidation of $260 million in long positions over the past 24 hours. Miners are under pressure to sell due to higher breakeven prices following the recent halving, leading to a significant decrease in miner BTC holdings. The German government has also reportedly sold around 3,000 BTC, further contributing to market unease. Despite the short-term drop, QCP Capital remains optimistic about a bullish turn towards the year-end, citing significant buying of call options for September to December. Ethereum (ETH) continues to show robust bullish sentiment, fueled by anticipations of an imminent ETH spot ETF launch.