2024

Bitcoin

Arkham

Oasys

<ul> 
 <li>German government sells 8,853 Bitcoins, trimming holdings amid market impact.</li> 
 <li>Bitcoin stabilizes at $58,542 after government’s significant sell-off.</li> 
</ul> 
The German government’s recent move to sell off substantial Bitcoin holdings has made big waves in the cryptocurrency market. According to Arkham Intelligence <a href="https://x.com/ArkhamIntel">data</a>, approximately 8,853 Bitcoins were transferred out of government wallets today, reducing their total holdings to 15,110 Bitcoins valued at $887 million.&nbsp; 
This follows a series of large-scale transactions earlier in the day, including transfers to major exchanges like <a href="https://www.kraken.com/">Kraken</a> and Coinbase. 
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 <blockquote class="twitter-tweet">
 The German Government lost its “Bitcoin billionaire” status today. In the past hour, they have sent another 2000 BTC ($117.3M) to Coinbase, Kraken and 139Po. They now have 13,360 BTC ($784.96M) remaining – that’s 26.8% of the Bitcoin originally seized from Movie2k. <a href="https://t.co/ZbA2wuzQhi">pic.twitter.com/ZbA2wuzQhi</a>— Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1811003909483147671?ref_src=twsrc%5Etfw">July 10, 2024</a>
 </blockquote> 
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These actions mark one of the largest single-day sell-offs by a government entity, contributing to recent volatility that saw Bitcoin prices plummet to a four-month low earlier this week. Despite initial concerns about market sentiment, Bitcoin has since stabilized, currently trading 1.41% higher at $58,082 with a market cap of $1.1154 trillion. 
Analysts suggest that while such significant sales can impact short-term <a href="https://thenewscrypto.com/us-bitcoin-etfs-see-295m-inflow-as-investors-capitalize-on-price-decline/">prices</a>, institutional interest, particularly through spot Bitcoin ETFs. It has mitigated some of the selling pressure. In the past three trading days alone, these <a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-see-continued-inflows-as-investors-buy-the-dip/">ETFs</a> attracted $645 million in inflows. It indicates a resilient institutional appetite amidst market fluctuations. 
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Is Germany’s Bitcoin Sell-Off a Sign Of Market Shakeup?

TheNewsCrypto

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