Bitcoin and ETH Move in the Giant British Bank! Germany Sells BTC!

Institutional acceptance of cryptocurrencies continues to grow. After the development of spot ETFs, some banks are starting to offer spot trading options to their customers. According to the latest news, Standard Chartered Bank is preparing to launch a cryptocurrency trading platform. Meanwhile, Germany is currently sitting on a $3 billion Bitcoin stash with $1.1 billion in unrealized profits. German government sales and Bitcoin ETF outflows pushed the BTC price below $65,000.

Standard Chartered is launching a cryptocurrency trading platform!

cryptokoin.com As you follow from , cryptocurrencies are becoming more accepted globally. Indeed, big banks cannot remain silent in this situation. According to Bloomberg, British banking giant Standard Chartered Bank is preparing to launch a cryptocurrency trading platform for Bitcoin and Ethereum spot trading. Sources reported that the platform will operate in London.

Germany’s $3 billion Bitcoin asset is on the radar

As can be seen from on-chain activities, the German government has been divesting its BTC assets for the last two days. According to CryptoQuant CEO Ki Young Ju, Germany has confiscated a total of 50,000 Bitcoins in the past few years. Additionally, despite selling 3,000 BTC recently, it is sitting on large unrealized profits.

The increase in BTC price over the last few years reveals that Germany’s current BTC assets are worth $3.24 billion, of which $1.1 billion is unrealized profit. Germany is currently the fourth largest holder of BTC after the US, China and the UK. The US currently owns 213,246 Bitcoins worth $13.7 billion. China, on the other hand, still holds 190,000 despite selling a large stash in 2019 and reinstating its Bitcoin ban in 2017. Recent sell-offs from the German government, combined with massive outflows from spot Bitcoin ETFs, have pushed the BTC price below $65,000 recently.

Bitcoin whale at work

While the German government divests its stake, other Bitcoin whales collect material every fall. Michael Saylor’s MicroStrategy announced on Thursday, June 20, that it purchased another 11,931 BTC with $800 million in convertible bond proceeds. Additionally, on-chain information reveals that a Bitcoin whale purchased more than 6,500 BTC worth $430 million in a single transaction on Thursday.