The German government has run out of Bitcoin

The Bitcoin wallet balance on Germany’s chain has officially reached zero, according to Arkham Intelligence, which means that the selling pressure from the European economic powerhouse is likely at or near its end.

The latest wallet exits end a bearish narrative that has been hanging over the crypto market for weeks, at a time when on-chain indicators indicate that a local fund is imminent.

Germany’s Latest Bitcoin Sale

As of Thursday afternoon, Arkham said the government only had 4925 BTC ($282.45 million) left in its wallets. This is less than the 50,000 state-owned BTC as recently as June 19, as officially seized from movie piracy website Movie2kin January.

Early on Friday, the government again received 4169 BTC from exchanges such as Kraken, Coinbase and Bitstamp, before returning 2700 BTC to these platforms at 5:00am ET.

By 10am, the state had sent another 2300 BTC to Kraken, an unidentified address and a likely institutional depository/over-the-counter trading service. Later, at approximately 2:35 p.m., the government sent all of its remaining 3846.05 BTC ($223.81 million) to the institutional trading desk and to Flow Traders, a proprietary trading firm.

Does This Mark Bitcoin’s Bottom?

Germany’s sales began at a time when the US government was also selling some of its seized coins to criminals, and market fears about repayments to creditors of bankrupt Bitcoin exchange Mt. enjoy

Combined with minimal demand growth from Bitcoin whales and a lack of liquidity in stablecoins, the lack of bullish momentum pushed the price of Bitcoin to $53,900 last Friday, its biggest pullback since its peak in March. $73,700.

Online Bitcoin investors are celebrating the government’s complete sell-off, while also criticizing the state for losing their fiat coins.

“Germany’s full stack dumping their confiscated BTC may be one of the biggest strategic mistakes in history for as early as the next few decades,” Reflexivity Research co-founder Will Clemente tweeted on Friday.

MicroStrategy Executive Chairman Michael Saylor also took one subtle blow government on Friday, tweeting “Du verkaufst deine Bitcoin nicht,” translating from German to “Don’t sell your Bitcoin.”

With the sell-off complete, chain analysts say Bitcoin’s price looks like a healthy entry point for new investors.

Earlier this week, institutional investors piled up BTC at their fastest pace since March, suggesting they have been deliberately “buying the dip.” Meanwhile, short-term holders have been selling their coins at massive losses, which analysts say is a good sign that market fear has peaked, and the price is due for a correction.

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