{"id":400561,"date":"2024-06-20T04:30:17","date_gmt":"2024-06-19T23:00:17","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=400561"},"modified":"2024-06-19T16:54:32","modified_gmt":"2024-06-19T11:24:32","slug":"as-bitcoin-drops-7-in-14-days-3-key-factors-explain-the-crypto-meltdown","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/as-bitcoin-drops-7-in-14-days-3-key-factors-explain-the-crypto-meltdown\/","title":{"rendered":"As Bitcoin drops 7% in 14 days, 3 key factors explain the crypto meltdown"},"content":{"rendered":"<ul>\n<li><em>Miner capitulation and decreased stablecoin issuance are reducing crypto market liquidity.<\/em><\/li>\n<li><em>Significant outflows from ETFs are increasing selling pressure on Bitcoin.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The crypto market has witnessed a significant downturn, with the global market cap tumbling from over $2.8 trillion to just below $2.5 trillion in a matter of weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This stark decline has rippled across the sector, affecting major cryptocurrencies like <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\">Bitcoin [BTC]<\/a>, which has seen a 7.9% drop in the past fortnight alone.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Market analysts have been quick to identify several factors contributing to the current market conditions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A closer look at Bitcoin revealed that it has not only dropped by nearly 8% over the last two weeks but has also continued to struggle in the last 24 hours, shedding an additional 0.1% to trade at around $65,524. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">What is behind this recent downturn?<\/span><\/p>\n<h2><strong>Reasons behind the crypto plunge<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">One of the primary factors the CryptoQuant analyst <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6671434baef6a3112f71b634-3-Reasons-Behind-the-Recent-Cryptocurrency-Market-Declines?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=it-tech\"><span style=\"font-weight: 400;\">cited<\/span><\/a><span style=\"font-weight: 400;\"> for the recent market decline is miner capitulation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The CryptoQuant analyst points out a significant drop in miner revenues\u2014by as much as 55%\u2014has forced miners to offload Bitcoin to cover operational costs.<\/span><\/p>\n<figure id=\"attachment_400565\" aria-describedby=\"caption-attachment-400565\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2.webp\"><img decoding=\"async\" class=\"wp-image-400565 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2-1024x576.webp\" alt=\"Bitcoin Miner Revenue\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2-1024x576.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2-768x432.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2-1200x675.webp 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/uEkbDoSz_bf773187127a9911a2bfb6827c98e7080eacb29d5d9533557aa13bbce9f360c2.webp 1280w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400565\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This increase in Bitcoin moving from miners\u2019 wallets to exchanges often precedes a price drop, as the market absorbs the added selling pressure.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the lack of new issuances of major stablecoins such as USDT and USDC has contributed to reduced liquidity in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Normally, new issuances signify fresh capital entering the market, bolstering trading volumes and supporting price levels.<\/span><\/p>\n<figure id=\"attachment_400566\" aria-describedby=\"caption-attachment-400566\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30.webp\"><img decoding=\"async\" class=\"wp-image-400566 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30-1024x576.webp\" alt=\"USDT market cap\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30-1024x576.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30-768x432.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30-1200x675.webp 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Atzy7a_8dca5267b05b0af787b802dac7f7733072f5b96bbefc3ab4e3052d5681e58b30.webp 1280w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400566\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, with stablecoin issuances stalling, there&#8217;s less new money to counteract selling pressures, leading to increased volatility and price declines.<\/span><\/p>\n<figure id=\"attachment_400568\" aria-describedby=\"caption-attachment-400568\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914.webp\"><img decoding=\"async\" class=\"wp-image-400568 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914-1024x576.webp\" alt=\"USDC market cap\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914-1024x576.webp 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914-300x169.webp 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914-768x432.webp 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914-1200x675.webp 1200w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/j0Z6qVO_3f2711f0f92567db163dace280a61a2ed52907775da716b96b9ea8a109277914.webp 1280w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400568\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Another significant pressure point comes from the outflows observed in major cryptocurrency exchange-traded funds (ETFs). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notable withdrawals, such as the over 1,384 BTC pulled from Fidelity on the 17th of June, exemplify the selling pressures that weigh heavily on Bitcoin prices. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These withdrawals reflect a broader sentiment of caution among crypto investors, particularly in response to the uncertain macroeconomic landscape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The selling behavior is not isolated to institutional investors; it extends to short-term holders as well. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Spent Output Profit Ratio (SOPR) for this group has not reached the highs typical of market peaks, suggesting that we are not at a cycle top yet. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead, we&#8217;re seeing a market still dominated by long-term holders, providing a strong support level that could temper a further crypto drop.<\/span><\/p>\n<h2><strong>Looking ahead<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Despite the current downturn, there are indicators that the market might be nearing a bottom. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another CryptoQuant analyst, Julio Monero, <\/span><a href=\"https:\/\/x.com\/jjcmoreno\/status\/1803086694993813547\"><span style=\"font-weight: 400;\">highlighted<\/span><\/a><span style=\"font-weight: 400;\"> on the X (formerly Twitter) platform that Bitcoin has fallen below key short-term support levels, potentially indicating a further drop to around $60,000.\u00a0<\/span><\/p>\n<figure id=\"attachment_400569\" aria-describedby=\"caption-attachment-400569\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts.jpeg\"><img decoding=\"async\" class=\"wp-image-400569 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts-1024x576.jpeg\" alt=\"Bitcoin short-term holder realized price\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQXYo5mWwAA2tts.jpeg 1200w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400569\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Factors such as subdued activity from traders and large investors, coupled with limited liquidity from stablecoins and diminished U.S. investor interest, are currently dampening crypto market dynamics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further examination using IntoTheBlock&#8217;s data <\/span><a href=\"https:\/\/app.intotheblock.com\/coin\/BTC\"><span style=\"font-weight: 400;\">revealed<\/span><\/a><span style=\"font-weight: 400;\"> a notable uptick in Bitcoin transactions exceeding $100,000, signaling increased activity from large-scale investors, which could foreshadow a shift in market momentum.<\/span><\/p>\n<figure id=\"attachment_400570\" aria-describedby=\"caption-attachment-400570\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z.png\"><img decoding=\"async\" class=\"wp-image-400570 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z-1024x683.png\" alt=\"Bitcoin whale transactions\" width=\"740\" height=\"494\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z-1024x683.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z-300x200.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z-768x512.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/ITB_btc_number_of_large_transactions_bitcoin_2024-06-19T09_26_11.542Z.png 1200w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400570\" class=\"wp-caption-text\">Source: IntoTheBlock<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Prominent crypto analyst Ali, analyzing Bitcoin&#8217;s historical price trends, <\/span><a href=\"https:\/\/x.com\/ali_charts\/status\/1803130589182132682\"><span style=\"font-weight: 400;\">suggested<\/span><\/a><span style=\"font-weight: 400;\"> that if the current market cycle follows previous patterns, we might not see a peak until late 2024 or 2025.\u00a0<\/span><\/p>\n<figure id=\"attachment_400571\" aria-describedby=\"caption-attachment-400571\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4.jpeg\"><img decoding=\"async\" class=\"wp-image-400571 size-large\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4-1024x576.jpeg\" alt=\"Bitcoin price performance since cycle low\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/GQYBRnyWQAAZ3_4.jpeg 1199w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-400571\" class=\"wp-caption-text\">Source: Ali Charts on X<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin&#8217;s [BTC] Price Prediction<\/a>\u00a02024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">This analysis was shared alongside a chart illustrating Bitcoin&#8217;s performance from its most recent cycle low.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Meanwhile, according to AMBCrypto&#8217;s recent report, regardless of all these downturns, we are<a href=\"https:\/\/ambcrypto.com\/bitcoins-price-are-we-still-in-the-bull-market-analyst-says\/\"> still in a crypto bull market<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A CryptoQuant analyst has revealed three major factors contributing to the recent downturn in the cryptocurrency market.<\/p>\n","protected":false},"author":89,"featured_media":400604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-400561","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Unraveling the Crypto Chaos: 3 Key Factors Behind the Recent Market Meltdown<\/title>\n<meta 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