Bitcoin is experiencing a moderate loss of around 0.15% today, dropping to the level of $61,500. Despite this, the price remains within the consolidation range that has persisted for over three months. The bulls managed to defend the support below $60,000 and, after briefly testing the $58,500 levels, returned above this zone. However, concerns arise from recent negative news that may indicate increased supply in the coming months.
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The German government has started transferring nearly $7 billion to central exchanges in recent weeks. The government portfolio holds BTC worth over $2.8 billion, which comes from a wallet associated with the German Federal Criminal Police Office (BKA). In 2013, the BKA seized nearly 50,000 Bitcoins from a website involved in film piracy.
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Mt. Gox will begin distributing $9 billion in Bitcoin and Bitcoin Cash repayments starting in July. The transfers are expected to last at least several months.
The risk of additional supply pressure is relatively high. The potential $11.8 billion represents nearly 80% of the total inflows to ETFs since the beginning of January, including outflows from the Grayscale fund. However, the supply from Mt. Gox's distribution will be spread over months, and the full liquidation of the $2.8 billion from the BKA is not confirmed.
On the other hand, a positive catalyst for the broader cryptocurrency sector could be the introduction of a spot Ethereum ETF, which is expected to launch in July. SEC Chairman Gensler claims that the process of approving the Ethereum ETF is progressing smoothly, with its launch anticipated in the summer. According to analysts, the SEC may approve Ethereum ETFs by July 4.
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