Bitcoin

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On Monday, German authorities intensified their Bitcoin sell-off, causing significant <a href="https://bitcoinist.com/bitcoin-whales-buy-crash-exchange-outflows-2024/" target="_blank" rel="noopener ">price volatility</a> for the largest cryptocurrency by market capitalization on the market, Bitcoin (BTC).&nbsp; 
After a brief spike above $58,000 over the weekend, BTC has seen a retracement of over 2% in the past few hours as German authorities continue to add to the ongoing selling pressure in the BTC market.&nbsp; 
<h2 id="german-authorities-increase-bitcoin-selling-activity">German Authorities Increase Bitcoin Selling Activity</h2> 
According to data from blockchain analytics platform Arkham, German authorities initiated multiple transfers to exchanges and market makers, marking a substantial increase in their selling activity.&nbsp; 
On-chain data of the German authorities’ wallet shows that the first transaction involved over 2,730 BTC, equivalent to $155 million, followed by an additional <a href="https://x.com/ArkhamIntel/status/1810315954431176898" target="_blank" rel="noopener nofollow">transfer </a>of 8,100 BTC worth over $463 million.&nbsp; 
The authorities continued their sell-off without stopping by sending <a href="https://x.com/ArkhamIntel/status/1810331451348386106" target="_blank" rel="noopener nofollow">another 5,200 BTC</a> worth $297 million to Kraken, Bitstamp, and Coinbase. These transactions cumulatively made it the largest selling day for the German authorities, with over 16,000 BTC sold just on Monday. 
Arkham <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">data </a>also shows that the German authorities’ continued selling pressure has reduced their holdings to 23,787.7 BTC, valued at approximately $1.32 billion, representing less than half of the BTC originally seized in January 2024.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium wp-image-309276" src="https://bitcoinist.com/wp-content/uploads/2024/07/Screenshot_269.jpg?w=640&amp;resize=640%2C174" alt="Bitcoin" width="640" height="174" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/Screenshot_269.jpg?w=938 938w, https://bitcoinist.com/wp-content/uploads/2024/07/Screenshot_269.jpg?w=640&amp;resize=640%2C174 640w, https://bitcoinist.com/wp-content/uploads/2024/07/Screenshot_269.jpg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/Screenshot_269.jpg?w=750 750w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Ki Young Ju, the founder and CEO of the market data analytics firm CryptoQuant, <a href="https://x.com/ki_young_ju/status/1809293501084909592" target="_blank" rel="noopener nofollow">suggests</a> that the impact of government BTC sales may be “overestimated.” According to Ju, government-seized BTC accounts for around $9 billion in the realized cap, only 4% of the total cumulative realized value since 2023, suggesting a small long-term impact on the BTC market.&nbsp; 
Ju further explained that despite $224 billion worth of Bitcoin being sold since 2023, the cryptocurrency’s price has risen by 350%, indicating “manageable” <a href="https://bitcoinist.com/bitcoin-is-freedom-against-financial-control/" target="_blank" rel="noopener ">sell-side liquidity</a> for BTC investors. 
<h2 id="btc-stage-notable-comeback-with-400-million-inflows">BTC Stage Notable Comeback With $400 Million Inflows</h2> 
Following the intensified selling activity by German authorities and the resulting volatility in the crypto market, BTC investment products have experienced a positive turnaround.&nbsp; 
After three weeks, products tied to the world’s largest cryptocurrency lost more than $1.2 billion, and digital asset investment products experienced a notable turnaround, according to a Monday <a href="https://blog.coinshares.com/volume-190-digital-asset-fund-flows-weekly-report-47b8dfbe45c6" target="_blank" rel="noopener nofollow">report </a>from asset manager CoinShares.&nbsp; 
According to the data, Bitcoin digital funds led the way with approximately $400 million inflows. This positive surge in investments comes when the price of Bitcoin briefly dipped to $54,000, marking its lowest level since February. 
Among the Bitcoin funds, Fidelity and ProShares emerged as the top contenders, attracting <a href="https://bitcoinist.com/cardano-founder-chang-hard-fork-basically-there/" target="_blank" rel="noopener ">inflows </a>of about $200 million and $100 million, respectively. However, Grayscale’s fund remained in the red, experiencing a loss of around $90 million.&nbsp; 
Despite this setback, the report suggests that the overall market trend of positive inflows suggests a growing interest in digital asset investment products following the dramatic price drops recorded. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/l8WV8goA/" alt="Bitcoin" width="1814" height="858"> 
At the time of writing, BTC regained the $56,200 level. Still, the largest cryptocurrency on the market is down 11% and 7% in the seven-day and fourteen-day time frames, respectively.&nbsp; 
Featured image from DALL-E, chart from TradingView.com

Germany Unloads Record-Breaking 16,000 Bitcoin Stash To Exchanges In Single Day

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