Bitcoin has dropped below $64,000, marking its lowest point since mid-May, driven by increased selling pressure in the market.

BTC has mostly trended downwards or sideways after surpassing $70,000 earlier this month, losing over 10% of its value during this period.

The recent selling pressure can be traced back to Coinbase, the largest US-based crypto exchange, which saw $10 million in spot-selling activity within a 10-minute window, the highest in a week according to Glassnode data.

Further contributing to the downward trend, the German government moved $600 million worth of BTC on June 19, with $195 million directed to exchange addresses including Kraken, Bitstamp, and Coinbase.

Market analysts attribute BTC's current weakness to significant outflows from US-based spot Bitcoin exchange-traded funds (ETFs). While these ETFs attracted over $53 billion since their approval in January, recent weeks have seen net outflows surpassing $900 million.

BTC miners are also selling off holdings due to financial pressures stemming from the recent halving event. Analyst Willy Woo suggested that BTC's recovery hinges on weaker miners exiting the market and hash rate stabilizing.

During the recent market downturn, Coinglass reported approximately $20 million in crypto liquidations within an hour, totaling $150 million over the last 24 hours. Long traders, who anticipated price increases, suffered the most significant losses, totaling $106 million, while short traders lost $44 million.

Bitcoin traders incurred the highest losses, with $42 million liquidated—$26 million from long positions and $16 million from short positions. Ethereum traders also saw substantial liquidations, totaling around $28 million. Bybit recorded the largest single liquidation, involving a BTCUSD transaction valued at $8.09 million.