As a researcher with extensive experience in the cryptocurrency market, I find the recent developments surrounding the German government’s Bitcoin holdings and the current state of the BTC price intriguing.
According to the most recent data from Arkham Intelligence, the German government has offloaded a significant amount of Bitcoin – specifically, 832 coins, equivalent to around $50 million – within the past hour.
German Government Moves Bitcoins to Top Exchanges
As an analyst, I have discovered that out of the 832 Bitcoins transferred, the German government moved a sum of 282 Bitcoins to the leading crypto exchanges – Bitstamp, Coinbase, and Kraken. Furthermore, an additional 550 Bitcoins were sent to the wallet address 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu, believed to be another Coinbase wallet. This transaction occurred on Tuesday, following the German government’s transfer of 400 Bitcoins to these same exchanges on Monday, July 1.
Currently, the German government owns approximately 43,859 Bitcoins. Prior to selling off a portion of its Bitcoins last month starting on June 18, the German government possessed around 50,000 Bitcoins that were seized from movie site operators involved in piracy activities back in early January.
As a researcher studying the German government’s Bitcoin holdings, I’ve discovered that over the past 10 days, we’ve sold off more than 5,000 Bitcoins, which equates to approximately 10% of our total stash. The current market downturn hasn’t diminished our overall Bitcoin wealth entirely, as we still possess a substantial $2.74 billion worth of this digital currency according to Arkham’s latest estimates. However, the reasoning behind this recent wave of sell-offs remains elusive.
The German and American governments simultaneously disposed of a minuscule portion of their Bitcoin holdings three days prior. This sale was rumored to be a trial run for larger Bitcoin transactions from the US government, but no such activity has been observed since.
BTC In Reaccumulation?
As an analyst, I’ve noticed that the German government has been consistently offloading its Bitcoin holdings daily. Despite this continuous selling, the price of Bitcoin remains under pressure and is currently trading at $62,442, with a market capitalization of $1.231 trillion.
Based on the analysis of CryptoQuant expert Onchain Edge, the present Bitcoin price pattern aligns with the Wyckoff reaccumulation stage, indicating a distinct consolidation zone following previous price fluctuations.
As an analyst, I’ve identified some notable aspects of this price pattern. The cost fluctuates between a horizontal support level around $57,178 and a resistance point hovering around $71,587. This back-and-forth motion reflects the typical accumulation phase in Wyckoff’s methodology, suggesting a sideways trend.
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2024-07-02 13:34