The recent price drop in BTC to $56,700 levels has had a significant impact on altcoins, leading to a considerable shrink in the entire cryptocurrency market. The current on-chain analysis reveals a lack of massive investor interest between $59,901 and $62,095, with sales above $62,095 triggering the decline in BTC price. The market saw billions of dollars in new supply in July, dampening investor appetite and proving those who sold out of fear of further declines right. Miner reserves have dropped to 1.9 million BTC, reminiscent of 2014 levels, as some mining operations became unprofitable post-halving, leading to selling. Miner reserves decreased by 0.28% in the last 7 days, reaching a 10-year low. Miner power hit a low of 560 TH/s following the China bans, reversing the trend of continuously increasing power observed between April 2024 and June 2021. Large net inflows on June 27 accelerated the BTC price decline, with some investors accumulating while others, including governments and MTGOX refund receivers, selling assets on exchanges. Whale transactions exceeding $100,000 remained high before the July decline, supporting the downward trend. Germany's ongoing BTC transfers for sale despite the price drop have reduced its holdings from 50,000 to 41,929 BTC, valued at $2.44 billion at the current exchange rate. The impact of US and MTGOX transfers on exchanges is yet to be fully realized.