Bitcoin Drops As Mt Gox Repayments, ETF Outflows Hurt

Bitcoin extended losses in the past 24 hours amidst a repayment announcement by the defunct Mt Gox Bitcoin Exchange. Continuing outflows from Bitcoin Spot ETF products in the U.S. also contributed to the bearish sentiment. Bitcoin dropped below the $59k level in the past 24 hours.

Mt. Gox, a Japan-based Bitcoin exchange that ceased operations in 2014 and commenced liquidation proceedings, on Monday announced the commencement of repayments. According to the notice, the Rehabilitation Trustee would from the beginning of July 2024 commence repayments in Bitcoin and Bitcoin Cash to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the formalities.

Mt Gox returning over 140,000 Bitcoin to its creditors and fears of these being offloaded in the market exacerbated the bearish sentiment triggered by unabated flows from digital asset investment products, particularly Bitcoin Spot ETF products in the U.S. Reports of German govt selling a portion of its Bitcoin holdings as well as monetary policy anxieties ahead of the release of the PCE-based inflation data from the U.S. on Friday also weighed on sentiment.

Data from Farside Investors on Bitcoin Spot ETF products in the U.S. showed a net outflow of $175 million on Monday as compared with net outflows of $106 million on Friday and $140 million on Thursday. Grayscale Bitcoin Trust ETF (GBTC) topped with net outflows of $90 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that witnessed net outflows of more than $35 million and Franklin Bitcoin ETF (EZBC) that recorded outflows of close to $21 million. So far in the month of June, net outflows were recorded on 9 days whereas net inflows were recorded only on 6 days.

The CoinShares’ Digital Asset Fund Flows Weekly report on Monday had showed outflows of $584 million during the week ended June 21 as compared with outflows of $600 million in the previous week.

Overall crypto market capitalization is currently at $2.25 trillion, versus $2.27 trillion a day earlier.

Bitcoin now dominates 53.3 percent of the overall crypto market followed by Ethereum which accounts for 17.9 percent. Stablecoins make up 7.2 percent of the market leaving a 21.6 percent market share for the residual altcoins.

Bitcoin is currently trading at $60,828.69, having shed 2.5 percent overnight and 7.4 percent in the past week. The leading cryptocurrency traded between $62,900.83 and $58,601.70 in the past 24 hours. Bitcoin’s 24-hour low dropped sharply to $58,601.70, as compared with $63,180.80 and $63,929.76 in the prior two days.

Ethereum slipped 0.3 percent overnight and 2.5 percent over the past 7 days. The leading alternate currency had touched a low of $3,244.24 and a high of $3,393.03 over the past 24 hours.

4th ranked BNB (BNB) traded flat overnight but has slipped 3.7 percent on a weekly basis. BNB is currently changing hands at $570.92.

5th ranked Solana (SOL) jumped 8.6 percent overnight amidst a broad-based altcoin rally. SOL has however shed 0.7 percent on a weekly basis at its current price of $135.60.

7th ranked XRP (XRP) edged down 0.4 percent on an overnight basis as it changes hands at $0.4737. Weekly losses however exceed 5 percent. With losses of close to 23 percent, XRP is the highest-ranking non-stablecoin crypto to record year-to-date losses.

8th ranked Toncoin (TON) rallied 5.2 percent in the past 24 hours and 2.5 percent over the past week to trade at $7.59. TON’s year-to-date gain of 229 percent is the highest among the top 20 cryptocurrencies. With a slippage of just 8 percent from the all-time high, TON has slipped the least from the peak price among the top 100 cryptocurrencies.

9th ranked Dogecoin (DOGE) added 2.5 percent on an overnight basis to trade at $0.1222.

10th ranked Cardano (ADA) rallied 3.8 percent overnight and 2.5 percent over the past week as it changes hands at $0.3879.

60th ranked Fetch.ai (FET) and 73rd ranked SingularityNET (AGIX) topped overnight gains with a surge of more than 22 percent. 50th ranked dogwifhat (WIF), 56th ranked Bonk (BONK) and 43rd ranked Injective (INJ) also rallied more than 15 percent in the past 24 hours. The rally in FET, AGIX and INJ helped AI& Big data category market capitalization to jump more than 8 percent in the past 24 hours. WIF and BONK powered the 6.5-percent surge in market capitalization in the meme category cryptocurrencies.

Bitcoin topped overnight losses with a decline of 2.5 percent. 87th ranked Gnosis (GNO) and 28th ranked Monero (XMR) also erased more than 2 percent in the past 24 hours.

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