Bitcoin’s decline in June was due to a surge in selling pressure that affected not only Bitcoin but other cryptocurrencies as well.

Major sources of selling include:

Mt. Gox bankruptcy estate: The trustee of Mt. Gox announced that it would begin repayments of Bitcoin and Bitcoin Cash in early July, raising market concerns about future sell-offs.

German government liquidation: The German government began liquidating Bitcoin confiscated in 2013, sending nearly 4,000 Bitcoins, or about $220 million, to exchanges in June.

U.S. government sales: On June 26, the U.S. government transferred 3,940 Bitcoins ($240 million) to Coinbase Prime, further adding to market pressure.

Bitcoin miner reductions: Miners sold about 1,560 Bitcoins, worth about $100 million, in the past 30 days.

U.S. spot Bitcoin ETP outflows: These products saw net outflows of $581 million in the second half of June.

The biggest market pressure is the cashing out of altcoins by institutional VCs, which is continuous.

Although short-term selling pressure has affected Bitcoin prices, Bitcoin's fundamentals have not changed significantly.

Despite the strengthening of the US dollar, market expectations for future Fed rate cuts remain strong, and consumer price inflation may continue to ease.

In addition, certain adoption indicators of smart contract platforms also show continued growth.