The cryptocurrency market has experienced a significant decline in the past 24 hours, with major tokens such as Bitcoin, Ethereum, Cardano, and Solana witnessing substantial drops. Bitcoin, in particular, has lost 3% of its value, contributing to the liquidation of over $150 million in bullish bets. The CoinDesk 20 (CD20), which tracks major tokens excluding stablecoins, has slumped by just over 4%, indicating a broader market sentiment influenced by these movements.

The decline in Bitcoin's value has resulted in the liquidation of over $150 million in bullish bets, with longs or bets on higher prices recording more than $150 million in liquidations. Shorts or bets against, on the other hand, saw a relatively smaller $9 million in losses. This liquidation is a result of exchanges forcefully closing traders' leveraged positions due to partial or total losses of their initial margin.

Bitcoin miners have been under immense pressure to sell, given higher breakeven prices post-halving. According to Singapore-based QCP Capital, miner BTC holdings have dropped to the lowest level in 14 years, with total reserves lower by 50,000 from the start of the year. The German government's recent movement of a substantial amount of BTC to exchanges has also contributed to the decline.

The market has also been spooked by the emergence of a new large pool of supply. The German government allegedly sold around 3,000 BTC in the last few days, with 47,000 more to go. This has led to a significant increase in selling pressure, with many miners and traders liquidating their positions.

The decline in the cryptocurrency market is a result of a combination of factors, including large sales from Bitcoin miners, the German government's movement of BTC to exchanges, and the broader market sentiment. The CoinDesk 20 (CD20) has slumped by just over 4%, indicating a significant decline in the value of major tokens.

The liquidation of over $150 million in bullish bets is a result of exchanges forcefully closing traders' leveraged positions due to partial or total losses of their initial margin. This has led to a significant increase in selling pressure, with many miners and traders liquidating their positions. The decline in the cryptocurrency market is a result of a combination of factors, including large sales from Bitcoin miners, the German government's movement of BTC to exchanges, and the broader market sentiment.