Bitcoin has faced a price decline of 3.38% in the past day, settling at $60,780. The fluctuation in the 24-hour trading range, ranging from $60,584.34 to $63,151.44, has led to a decrease in Bitcoin's capitalization to $1.19 trillion.

Moreover, the market dominance of Bitcoin dropped by 0.46% to 53.18%. Several factors are influencing the downward trend in Bitcoin prices.

Impact of Bitcoin Spot ETF Outflows

Recent data shows that 11 U.S. spot Bitcoin exchange-traded funds experienced daily net outflows of $13.62 million, reversing the trend of inflows observed over the past five days. Notably, Grayscale's GBTC and Bitwise's BITB reported substantial net outflows.

The collective trading volume of these 11 spot Bitcoin ETFs remained below $1 billion, significantly lower than the volumes recorded in March 2024.

Influence of Whale Transfers on Price

A substantial entity transferred 1,800 BTC valued at $114 million to Binance, triggering a drop in Bitcoin's price from $63,800 to $62,900. This entity has been actively involved in sizeable transfers, notably withdrawing 6,725 BTC worth $437 million from exchanges like Binance and OKX.

In the last five days, this entity has reintroduced 3,481 BTC valued at $217 million back to Binance. Currently, it holds 7,867 BTC, equivalent to approximately $494 million.

German Government's Bitcoin Liquidation

In a notable move, the German government has been liquidating its Bitcoin holdings, with over 2,700 BTC sold since June. Recent transactions include transferring 400 BTC worth over $25 million to major exchanges such as Coinbase, Kraken, and Bitstamp.

Selling Pressure from Bitcoin Miners

Bitcoin miners have collectively sold over 2,300 BTC valued at around $145 million over the past 72 hours. This selling spree follows the fourth Halving event, which halved block rewards, prompting miners to sell to compensate for reduced profits.

Prospects of Bitcoin Price Reaching $100,000

Despite the recent price drop, there are positive expectations for Bitcoin's future. Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered Bank, anticipates Bitcoin could surpass its all-time high by August and reach $100,000 by the U.S. presidential election in November.

As of now, Bitcoin is trading at $60,760, reflecting a 3.51% decrease in the last 24 hours. Nevertheless, trading volume has seen a significant increase, reaching $22.5 billion, with a market cap of $1.19 trillion.