Bitcoin dropped to $54,000 on June 24 – its lowest since February – after Mt. Gox administrators started distributing 140,000 BTC. This creates potential selling pressure as creditors may cash out coins purchased at just $500 in 2014. The selloff dragged down crypto-related stocks (Coinbase -12%, MicroStrategy -15%).
The timing coincides with Germany moving $175 million in seized Bitcoin to exchanges and the US government preparing to sell $240 million from Silk Road seizures. These events test crypto’s liquidity depth just as spot Bitcoin ETFs had brought institutional demand.
Long-term holders see this as a buying opportunity, noting similar distributions (like FTX’s) were absorbed within months. The market will watch whether $50,000 support holds and whether Ethereum ETFs launching this summer can divert attention.
