German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?
Highlights
- Over the past month, Germany liquidated 82% of their Bitcoin reserves, selling nearly 41,000 BTC.
- Despite the significant sell-off by the German government, Bitcoin's price has remained relatively stable around $57,000 due to strong inflows in ETFs.
- The market is also focusing on broader economic indicators, such as the lower-than-expected US CPI data for June.
The Bitcoin selling coming from the German government continued late on Thursday, July 11, as it offloaded an additional $376 million worth of bitcoins taking its total holdings under 10K BTC.
German Govt. Offloads 82% of Bitcoin Holdings In A Month
The German government continued to offload its holdings on Thursday while initially moving out 10,627 BTC worth $616 million at a price of $57,976 per BTC. However, as per the data from Arkham Intelligence, it received back 4,169 BTC worth $241 million at a price of ~$57,469 per BTC.
Following the current sale, the German government now retains only 9,094 Bitcoins to sell, currently valued at $520 million. Over the last month, the German government has liquidated 82% of its Bitcoin holdings selling of nearly 41,000 BTC in the open market.
Over the last three days, the German govt. has been selling off heavy quantities. If they continue selling out at the current pace, it would take them a maximum day or two to liquidate all their holdings.
So far, there’s no official word from the German government as to why they have been selling off their BTC so fast. Also, there’s no clear logic as to why the govt. is selling earlier and buying off partial BTC in the market.
However, the good thing is that the Bitcoin price has remained more or less steady around $57,000 over the last two days.
Also Read: German Bitcoin Sales Impact Wanes, What’s Next?
Is the Bitcoin Bottom Already In?
After dropping all the way to $53,500 earlier this week, Bitcoin has delivered a healthy recovery to $58,000. While the German govt. was selling this week, the spot Bitcoin ETFs inflows have remained very strong in an attempt to nullify the selling pressure.
Although the German government’s BTC movement hasn’t much impacted the BTC price, the focus has now shifted to the macro indicators. The US CPI data for the month of June came lower than expected. However, Bitcoin bulls are failing to pull off an upside and the BTC price is trading 1.4% down slipping under $57,000 as of press time. On-chain data provider Santiment stated that is a sell-the-new movement for BTC.
📈📉 The US CPI report came out today with news of a core CPI 3.3% rise vs. 3.5% expected, appearing bullish for crypto. However, with many already anticipating a good report and prices being driven up in the days prior, this was a perfect ‘buy the rumor, sell the news’ event. pic.twitter.com/RqeE7L2eHv
— Santiment (@santimentfeed) July 11, 2024
Also Read: BTC Price To Reclaim $60,000 As Institutional Investors Pile 102k Bitcoin
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