Bitcoin drops below 57K, institutional selling triggers market panic, Sun Yuchen says he is willing to pick up the slack

Bitcoin continued to decline yesterday, dropping to $56,771 as trading was light on the US Independence Day. With a complete head and shoulders pattern, breaking below the neckline also triggered a liquidation of long positions. According to data from Coinglass, in the past 24 hours, 122,519 people have been liquidated, totaling $370 million, with Bitcoin accounting for $126 million.

Is Mt.Gox starting transfer tests?

The long-standing bankruptcy case of the Japanese exchange Mt.Gox notified creditors on 6/24 that it will begin distributing Bitcoin (BTC) and Bitcoin Cash (BCH) in July.

Mt.Gox conducted a test of very low-value transfers yesterday, which is believed to be a test for distributing Bitcoin to creditors. The scheduled Bitcoin distribution in July has also become one of the reasons for fears of price decline. Currently, there are still 141,000 Bitcoins in Mt.Gox's wallet.

The selling pressure of Mt. Gox's Bitcoin is not as heavy as expected, with most being held by long-term BTC holders.

However, just now, Mt. Gox sent approximately 47,228.7 BTC, worth about $2.71 billion, to a wallet address ending with "6onk".

German government selling coins again? Sun Ge expresses willingness to take over

According to Arkham data, the wallet marked as belonging to the German government transferred Bitcoin again yesterday, sending 400, 500, and 400 BTC to the Kraken, Bitstamp, and Coinbase exchanges respectively, totaling about $75 million at current prices.

The amount of Bitcoin it holds has decreased from 50,000 on 6/29 to 42,274, selling a total of 7,726 Bitcoins, valued at about $450 million.

Facing market downturn and panic, Justin Sun posted on the X platform, expressing willingness to negotiate with the German government to purchase all BTC through OTC trading to minimize the impact on the market.

Bitcoin bull Tom Lee still sees $150,000

Bitcoin bull Tom Lee, in an interview with CNBC on Monday, stated that despite Mt. Gox's upcoming payment to creditors, he still believes Bitcoin will reach a price of $150,000.

Lee, co-founder of Fundstrat Global Advisors, said:

If I were to invest in cryptocurrencies and knew that one of the biggest unresolved issues would disappear in July, I think this is a reason for a significant rebound in the second half of the year.