Bitcoin (BTC) Price Dips Below $61k, Following #MtGox Repayment Announcement: Bull Run Over?

Retail Bitcoin investors are in panic while ETF traders remain steady amid a $174 million** outflow. The current trade price of **Bitcoin** (**BTC**) is **$61,300 & this Bitcoin (BTC) price dropped to $61,300** on Friday, June 24, continuing as a slide from an all-time high of **$73,780. Meanwhile, the U.S. Bitcoin spot ETF markets saw a net outflow of $174 million**. The second-largest **cryptocurrency** slid by up to 7% over the past week. **BTC** price dropped to as low as **$58,630 on Thursday, nearly 20% down from the ATH. However, Bitcoin recovered some losses on Friday morning, trading at around $61,300**, as shown by data from CoinGecko. The U.S. **Bitcoin** spot **ETF** market had a total net outflow of **$174 million on June 24, marking seven consecutive days of net outflows. The Grayscale Bitcoin Trust (GBTC) ETF experienced a single-day net outflow of $90.42 million**. At the same time, the total net asset value of the **Bitcoin** spot **ETF** stood at **$51.53 billion. Several crypto analysts have attributed the recent sell-off to fears over a potential bear market, sparked by the upcoming Mt. Gox creditor payments. Moreover, the German government has been actively transferring Bitcoin to a top crypto exchange, with 4 probable exchange deposits identified. German Gov’t Transfers Another $130 Million** in **Bitcoin** (4 Deposits Left) The government moved 600 **BTC** last week, sending the funds to a whitelisted address, ultimately credited to a **crypto** exchange. Notably, the government has been transferring **Bitcoin** to the exchanges since April, with the total amount now reaching 2,835 **BTC**, valued at around **$170 million at the time of the last transfer. However, some analysts believe the Mt. Gox payments will not have a significant impact on BTC price. Mt. Gox Trustee Completes Formalities for Creditor Repayments, Funds Coming Next Month The Mt. Gox trustee has completed the procedures necessary to release creditors’ funds, with payments expected to begin next month. The trustee announced the development in a Mt. Gox creditors’ online meeting on June 22. According to the trustee, the next step involves preparing for payments, which will be made in April 2014 BTC (sBTC) and fiat currency. Creditors will then be able to choose how they want to receive their funds.

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