Here’s What’s Happening to Huge Bitcoin Sales Now, Samson Mow Unveils

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As a researcher with experience in the cryptocurrency market, I find Samson Mow’s bullish statements on Bitcoin intriguing. Despite large sales by entities such as the German government and defunct exchanges like Mt Gox, Mow believes that demand for Bitcoin remains strong and the market is absorbing all the sales. This view is supported by the continued buying of Bitcoin dips by cryptocurrency whales and the absorption of Bitcoin by spot ETFs.

Expert: Samson Mow, previously the Chief Security Officer at Adam Back’s Blockstream and now the CEO of a Bitcoin-centric business named Jan3, has expressed optimistic views regarding Bitcoin and the current selling trend by major market participants.

Samson Mow’s Bitcoin statement

As a crypto investor, I’ve noticed that large entities, like the German government and the defunct crypto exchange Mt Gox, have been making significant Bitcoin sales or transacting large amounts of Bitcoin. However, this doesn’t necessarily mean bearish sentiment for the market. It could be part of their financial management strategies or unfinished business from the past. Nonetheless, it’s essential to keep an eye on such developments and consider how they might impact the broader market trend.

Mow is convinced that the desire for Bitcoin continues to be robust, with the current market effectively purchasing all recently sold Bitcoins. He made a comparable declaration around a week prior, and his earlier forecast has been validated.

The market is absorbing all #Bitcoin sales nicely. Demand is strong.

— Samson Mow (@Excellion) July 9, 2024

This month, the CEO of Jan3 expressed his conviction on Twitter that major Bitcoin investors from Bitfinex were purchasing Bitcoin dips. Additionally, spot Bitcoin Exchange-Traded Funds (ETFs) have been regularly acquiring Bitcoin, but they’ve also experienced significant outflows of Bitcoin several times a week.

German government dumps half billion in BTC

As an analyst, I’ve uncovered some intriguing information from the analytics account @lookonchain on the X platform. According to their data, the German government has carried out another substantial Bitcoin transfer in one go, distributing it among six crypto platforms: Kraken, Flow Traders, Coinbase, Bitstamp, Cumberland, and B2C2 Group.

Approximately 9,634 Bitcoin (BTC) have been transferred to these trading entities, amounting to around $551 million. Since June 19, the German government has moved a significant sum of 24,304 BTC, equivalent to approximately $1.44 billion in fiat currency. Currently, the German authorities retain ownership of about 28,988 BTC, which is valued at roughly $1.66 billion.

As a financial analyst, I’ve noticed an interesting transaction today. The German government has transferred approximately 9.63 billion US dollars in Bitcoin (equivalent to 551 million USD) to several cryptocurrency exchanges and trading firms: Kraken, Flow Traders, Coinbase, Bitstamp, Cumberland, and B2C2 Group. Previously, since June 19, they have transferred a total of around 24.30 billion US dollars in Bitcoin (equivalent to 1.44 billion USD), leaving them with a remaining balance of approximately 28.98 billion US dollars in Bitcoin (equivalent to 1.66 billion USD).

— Lookonchain (@lookonchain) July 8, 2024

Bitcoin shows bullish signal

As a researcher studying the cryptocurrency market, I’ve noticed that despite Bitcoin experiencing a dip to hit a low of $55,400 today, there are positive signs on the horizon according to on-chain data from Santiment. However, it’s important to note that the average returns for traders who have been actively participating in the market over the past year have only amounted to a modest gain of 1.8%. This is the lowest return since Bitcoin surpassed the $20,000 mark back in March last year.

As an analyst, I’ve observed that both Bitcoin’s 30-day and 365-day MVRV (Market Value to Realized Value) indicators have now moved into negative territory. According to Santiment’s report, historically speaking, traders who purchased Bitcoin when these two lines were in the red zone together previously experienced returns as substantial as +132% on their BTC investments.

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2024-07-09 11:22