The German government has been selling massive amounts of Bitcoin (BTC) in recent weeks, worrying investors. But it is running out of its stockpile soon, and the selling pressure is expected to ease eventually, according to data reported by Arkham Intelligence.
German government bitcoins continue to be dumped
Since mid-June, The German government has disposed of a very large number of bitcoinsrecovered after the collapse of illegal streaming platform Movie2k. The sales, which came at the same time as those of the United States government, as well as refunds from Mt. Gox customers, contributed to the selling pressure on the Bitcoin price.
Several hundred million dollars were recovered, but the German government's loot was still substantial. This week, sales resumed: Yesterday, 10,567 bitcoins were dumped on the market, representing a sum of more than 600 million dollars..
Don’t miss our guide – How to buy Bitcoin (BTC) easily?
The sales took place on various exchanges, including Bitstamp, Coinbase and Kraken. And they have continued to this day. The analysis company Arkham Intelligence notes new transactions today:
TODAY: German Government selling up to 2700 BTC ($154.60M)
In the past hour, the German Government has sent 2700 BTC ($154.60M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday's movements, the German Government… pic.twitter.com/XNyqgzPR7M
— Arkham (@ArkhamIntel) July 12, 2024
This morning, This left the German government with “only” 6,894 BTC, or $394 million.. According to Arkham Intelligence, this is 13.8% of the total initial loot size.
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Bitcoin price drops over the last 24 hours
Over the month, the BTC price shows -15.8%. Having hit a low of around $54,000, it continues to struggle to hold its ground amid fear in the market. Since yesterday, the largest cryptocurrency has lost another 2.3%:
Bitcoin price progression over the last 2 days
While long-term forecasts are generally optimistic, the last few weeks have been rough for Bitcoin. The end of the German government sales, as well as the progress of Mt. Gox customer refunds could however help BTC to regain its color.
Also in the news – France: Bitcoin arrives in retirement savings thanks to InterInvest
However, be careful with optimism. According to our analyst Vincent Ganne, the low point has not yet been reached. BTC price could hit local lows during summer:
” There are cyclical selling pressures that need to be taken the time to flow (especially the German government BTC), so the end of the decline will be indicated by a bullish reversal pattern. It may take a little time, I think the bottom will be for this month of July. »
The mood on the markets is therefore one of expectation.with a resumption that could take place at the start of the school year.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Source: Arkham Intelligence
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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