Markets
German government’s Bitcoin wallet hits zero after massive selloff
German Government Finally Dumped Its Bitcoin (BTC) walletOn-chain data reveals that a series of transactions on July 12 ended the government’s massive selloff.
The move sparked discussion within the crypto community, highlighting speculation about the future impact on the market.
German Government Bitcoin Sale Completed, Market Awaits Long-Term Consequences
Arkham Intelligence data indicates that The German government has started its sales spree yesterday by sending 2,700 BTC to major exchanges such as Kraken, Bitstamp, and Coinbase. Additionally, he used other institutional deposit services for these transactions.
Learn more: Who owns the most Bitcoin in 2024?
Latest Bitcoin Transactions by the German Government. Source: Arkham Intelligence
Following this, they received 4,169 BTC, suggesting initial attempts to manage the impact of the sale. However, additional transactions included 748.25 BTC to Cumberland and another 2,300 BTC to Kraken and other services.
The final transactions consisted of sending 3,049 BTC to an institutional depository and 752.17 BTC to Flow Traders. divestment The price of Bitcoin has increased slightly from $57,232 to $57,896. At the time of writing, Bitcoin is trading at $57,811.
The crypto community expressed relief at the development, while some members predicted that the government may “deeply regret” its decision. BeInCrypto reported that The German government’s sales spree began on June 19with heavy daily selling impacting the market. Bitcoin was initially trading around $65,000, but has remained below $60,000 since the selling intensified.
Learn more: How to Buy Bitcoin (BTC) and Everything You Need to Know
Despite the short-term liquidity shock, Experts believe that long-term bullish factors will eventually generate significant growth once the market absorbs these selling frenzies. Prominent cryptocurrency trader Michaël van de Poppe noted that the market had absorbed about $3.5 billion of selling pressure in recent weeks.
“Bitcoin is still at $58,000. Rotation is imminent,” he said. wrote.
Disclaimer
In accordance with the Trust Project In accordance with its guidelines, BeInCrypto is committed to providing unbiased and transparent information. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.