2024

Bitcoin

Impact

Arkham

<img decoding="async" width="1280" height="855" src="https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1.jpg" class="attachment-full size-full wp-post-image" alt="" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1.jpg 1280w, https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1-1224x818.jpg 1224w, https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1-768x513.jpg 768w, https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2024/07/bitcoin_germany-1-1-272x182.jpg 272w" sizes="(max-width: 1280px) 100vw, 1280px">
<p>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.</p> 
<h2 id="german-govt-offloads-82-of-bitcoin-holdings-in-a-month">German Govt. Offloads 82% of Bitcoin Holdings In A Month</h2> 
<p>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.</p> 
<p>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 <a href="https://coingape.com/germany-bitcoin-holdings-drop-under-19000-in-recent-sell-off/" target="_blank" rel="noopener">Bitcoin holdings</a> selling of nearly 41,000 BTC in the open market.</p> 
<p>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.</p> 
<p>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.</p> 
<p>However, the good thing is that the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> has remained more or less steady around $57,000 over the last two days.</p> 
<p>Also Read: <a href="https://coingape.com/trending/german-bitcoin-sales-impact-wanes-whats-next/" target="_blank" rel="noopener">German Bitcoin Sales Impact Wanes, What’s Next?</a></p> 
<h2 id="is-the-bitcoin-bottom-already-in">Is the Bitcoin Bottom Already In?</h2> 
<p>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 <a href="https://coingape.com/blackrock-ibit-scoops-another-2134-btc-bitcoin-etf-inflows-continue/" target="_blank" rel="noopener">spot Bitcoin ETFs inflows</a> have remained very strong in an attempt to nullify the selling pressure.</p> 
<p>Although the German government’s BTC movement hasn’t much impacted the BTC price, the focus has now shifted to the macro indicators. The <a href="https://coingape.com/us-cpi-inflation-eases-to-3-bitcoin-rally-ahead/" target="_blank" rel="noopener">US CPI data</a> 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.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;"> 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. <a rel="nofollow" href="https://t.co/RqeE7L2eHv">pic.twitter.com/RqeE7L2eHv</a></p> 
 <p>— Santiment (@santimentfeed) <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1811539598247625010?ref_src=twsrc%5Etfw">July 11, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Also Read: <a href="https://coingape.com/markets/bitcoin-price-to-reclaim-60000-as-institutional-investors-pile-102k-btc-in-3-months/" target="_blank" rel="noopener">BTC Price To Reclaim $60,000 As Institutional Investors Pile 102k Bitcoin</a></p> 
<p>The post <a href="https://coingape.com/german-govt-now-only-has-9094-bitcoins-to-sell-is-the-bottom-in/">German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

German Govt. Now Only Has 9,094 Bitcoins To Sell; Is the Bottom in?

Table of Contents

Coingape News Media

Other articles published on Jul 12, 2024

Investors Show Continued Interest in Bitcoin ETFs

Bitcoin Price Surpasses $58,400 After German Government Sales

Shiba Inu Dev Shytoshi Kusama Invites Elon Musk For Sit-Out

Study Reveals: Global Crypto Market Volume to Exceed $108 Trillion With Europe Dominating

KangaMoon’s Post-Listing Milestones Takes The Spotlight As Fantom And Injective Struggle to Regai...

Bitcoin (BTC) Slump Is S&P 500 Gain As Both Breaks 3-Year Correlation

Join our free newsletter for daily crypto updates!