The price of Bitcoin (BTC) has fallen 5% in the last 24 hours to trade at $61,000 U.S. as selling pressure related to the biggest cryptocurrency accelerates.
Market data shows that more than $150 million U.S. of Bitcoin was sold over the weekend as investors continue to move money out of crypto and into stocks.
Bitcoin’s price has steadily fallen since it hit an all-time high of just under $74,000 U.S. in March of this year.
In April, Bitcoin underwent a halving event, when the available supply of the cryptocurrency that can still be mined was reduced by 50%. The selloff in Bitcoin has gathered steam since then.
Other cryptocurrencies are also seeing their prices come under pressure, with Ethereum (ETH) and Cardano (ADA) also falling 5%. The price of Solana (SOL) has dropped 7%.
Analysts have attributed the declines to large sales of Bitcoin by miners following the April halving event, as well as increasingly bullish sentiment towards stocks.
So called “Bitcoin whales,” entities with large holdings of the digital asset, sold over $1 billion U.S. worth of the token in the first two weeks of June.
Additionally, U.S.-listed Bitcoin exchange-traded funds (ETFs) recorded more than $1 billion U.S. in net outflows last week.
Despite the current slump, Bitcoin’s price remains up 38% on the year.
