As a researcher with a background in cryptocurrency and blockchain technology, I find the recent surge in Bitcoin whale activity to be an intriguing development in the ongoing saga between the bulls and the bears. The German government’s decision to sell off a small portion of its massive Bitcoin stash, while significant in monetary terms, is dwarfed by the larger picture of their current holdings.
As an analyst, I’ve observed a noticeable surge in Bitcoin whale activity over the past week, which appears to be emblematic of the ongoing struggle between bulls and bears in the market. In the last two days alone, Germany’s government has transferred approximately 1,700 Bitcoins, equivalent to around $110 million, to three prominent crypto exchanges: Kraken, Coinbase, and Bitstamp. However, it is important to note that this represents a mere fraction of the massive $43 billion Bitcoin hoard that the German government currently holds.
Germany’s $3 Billion worth of Bitcoin Holdings on Radar
Based on the transaction data on the blockchain, it appears that the German government has been disposing of its Bitcoin stash over the last two days. Over the past two years, this European nation has amassed a Bitcoin hoard of 50,000 coins, which now presents them with substantial paper profits, even after selling off 3,000 BTC as reported by CryptoQuant CEO Ki Young Ju.
Over the last few years, the significant increase in Bitcoin’s value has brought Germany’s existing Bitcoin holdings to approximately $3.24 billion. Out of this amount, around $1.1 billion represents potential profit that has yet to be realized. Currently, Germany ranks fourth among countries with the most Bitcoins, following the United States, China, and the United Kingdom. The US currently owns about 213,246 Bitcoins worth an estimated $13.7 billion. In contrast, despite selling a considerable amount in 2019 and enforcing a ban in 2017, China still holds approximately 190,000 Bitcoins.
The German government’s recent sale of bonds and the significant withdrawals from Bitcoin spot Exchange-Traded Funds (ETFs) have contributed to the current downward trend in Bitcoin’s price, which has fallen below $65,000.
Germany seized 50K #Bitcoin and has sold around 3K BTC.
The recent spike in Bitcoin’s price has generated a profit of approximately $1.1 billion on their existing investments, bringing their total portfolio value to around $3.24 billion.
— Ki Young Ju (@ki_young_ju) June 20, 2024
BTC Whale In Action
As a researcher studying the Bitcoin market, I’ve observed that while the German government has been selling off its Bitcoins, other major investors, or “Bitcoin whales,” have seized opportunities to buy more at each price dip. For instance, on June 20, Michael Saylor’s MicroStrategy announced their acquisition of an additional 11,931 Bitcoin using the proceeds from $800 million convertible notes.
As a researcher studying the cryptocurrency market, I’ve come across intriguing on-chain data. Specifically, on Thursday, an influential Bitcoin investor, commonly referred to as a whale, acquired approximately 6,500 Bitcoins, equating to around $430 million.
A whale bought 6570 #Bitcoin worth over $430 million in the past 24 hours.
While you’re panic-selling, whales are continuously buying the dip while they still can.
— Lark Davis (@TheCryptoLark) June 20, 2024
The market demonstrates sufficient buyers for each round of sellers, indicating a healthy demand. Nevertheless, the Bitcoin price bounce-back may be postponed deeper into the summer due to Bitcoin miners’ capitulation.
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2024-06-21 08:46