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Bitcoin Holds Strong Amidst Germany's Selling Pressure

Jul 16, 2024 am 06:21 AM

According to the latest tally, onchain data collected at 12 p.m. EDT on July 9 indicates that the German government has sold 3,840 BTC valued at $220.7 million

Bitcoin Holds Strong Amidst Germany’s Selling Pressure

The German government has sold 3,840 BTC ($220.7 million) since 4:30 p.m. EDT on July 8, according to the latest onchain data available at 12 p.m. EDT on July 9.

After making several transfers and deposits over the past 19.5 hours, the German government’s wallet now contains 22,846 BTC. 3,840 BTC has left the wallet since then, bringing the total value of Germany’s bitcoin reserves to $1.3 billion.

According to Arkham Intelligence, the wallets interacted with Kraken, Cumberland, and an unidentified wallet that could belong to an over-the-counter (OTC) provider or market maker. The wallets received roughly 5,366 BTC from Kraken, Coinbase, and Bitstamp, according to Arkham.

It is believed that the German government sets reserve prices for the batches, and if the reserve is not met, the BTC is returned. Vaneck executive Gabor Gurbacs stated on Twitter that bitcoin has remained resilient throughout the process.

“German Government liquidated nearly $1 billion [in] bitcoin (17,000 BTC) in a single day,” Gurbacs noted. Price barely moves 2%. This is what a mature market looks like. Few understand.”

Bitcoin’s price stability indicates a mature and strong trading environment despite the large liquidations. BTC is up 3.9% in the last 24 hours and is once again approaching the $58,000 range. This episode highlights the efficiency of reserve pricing strategies and the growing participation of institutional traders, which bodes well for bitcoin’s long-term viability.

What are your thoughts on the German government’s bitcoin transfers since yesterday’s transactions? Please share your thoughts and opinions on this topic in the comments section below.

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