2024

Radar

Bitcoin

Billion

<p>In the recent week, the Bitcoin whale activity has shot up significantly in what seems to be a classic tug-of-war between the bulls and the bears. Over the last two days, Germany’s government has deposited a total of nearly 1,700 Bitcoins worth $110 million to three different crypto exchanges – Kraken, Coinbase, and Bitstamp. However, this is quite minuscule in comparison to the 43 billion worth of Bitcoin stash that the government holds.</p>
<h3 id="germany-s-3-billion-worth-of-bitcoin-holdings-on-radar">Germany’s $3 Billion worth of Bitcoin Holdings on Radar</h3>
<p>As the on-chain activity suggests, the German government has been offloading its <a href="https://coingape.com/german-government-just-transferred-another-200-bitcoin-to-coinbase-what-is-happening/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin holdings</a> over the past two days. Over the past couple of years, Germany seized a total of 50,000 Bitcoins and is sitting on large unrealized profits despite selling 3,000 BTC recently, as per CryptoQuant CEO Ki Young Ju.</p>
<p>The surge in the BTC price over the past couple of years puts Germany’s current BTC holdings at a value of $3.24 billion, of which $1.1 billion is unrealized profit. Germany is currently the fourth-largest holder of Bitcoins after the US, China, and the United Kingdom. The US currently holds 213,246 Bitcoin valued at $13.7 billion. On the other hand, China still continues to hold 190,000 despite selling a huge stash back in 2019 and imposing the Bitcoin ban back in 2017.</p>
<p>The recent sell-off from the German government coupled with the massive outflows from the <a href="https://coingape.com/education/bitcoin-spot-etf/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> has been behind the currently selling pressure with the BTC price slipping under $65,000 recently.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f1e9-1f1ea.png" alt="🇩🇪" class="wp-smiley" style="height: 1em; max-height: 1em;"> Germany seized 50K <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> and has sold around 3K BTC.</p>
 <p>The surge in <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> price has resulted in a $1.1 billion unrealized profit, increasing the value of their current holdings to $3.24 billion. <a rel="noopener noreferrer nofollow" href="https://t.co/ZPeDZobYlL">pic.twitter.com/ZPeDZobYlL</a></p>
 <p>— Ki Young Ju (@ki_young_ju) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ki_young_ju/status/1803851357629108524?ref_src=twsrc%5Etfw">June 20, 2024</a></p>
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<h3 id="btc-whale-in-action">&nbsp;BTC Whale In Action</h3>
<p>While the German government has been offloading its stake, other Bitcoin whales have been scooping supplies at every fall. On Thursday, June 20, <a href="https://coingape.com/breaking-microstrategy-scoops-11931-bitcoins-using-800-million-convertible-note-proceeds/" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor’s MicroStrategy</a> announced an additional purchase of 11,931 Bitcoin through the proceeds of the $800 million convertible notes.</p>
<p>Furthermore, on-chain data reveals that a Bitcoin whale purchased over 6,500 Bitcoins worth $430 million in a single go on Thursday.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">A whale bought 6570 <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> worth over $430 million in the past 24 hours.</p>
 <p>While you’re panic-selling, whales are continuously buying the dip while they still can. <a rel="noopener noreferrer nofollow" href="https://t.co/bqGo6EwGJw">pic.twitter.com/bqGo6EwGJw</a></p>
 <p>— Lark Davis (@TheCryptoLark) <a rel="noopener noreferrer nofollow" href="https://twitter.com/TheCryptoLark/status/1803819614494736513?ref_src=twsrc%5Etfw">June 20, 2024</a></p>
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<p>This shows that there are enough takers in the market for every selling pressure. However, with Bitcoin miner capitulation, the <a href="https://coingape.com/heres-when-bitcoin-btc-price-recovery-will-start-this-year/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price recovery</a> is likely to see a delay further into the summer.</p>
<p>The post <a href="https://coingape.com/bitcoin-whale-activity-germanys-3-billion-btc-holdings-on-radar/" rel="noopener noreferrer nofollow">Bitcoin Whale Activity, Germany’s $3 Billion BTC Holdings on Radar</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Bitcoin Whale Activity, Germany’s $3 Billion BTC Holdings on Radar

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