As a researcher with a background in cryptocurrencies and blockchain technology, I’ve been closely monitoring the recent Bitcoin sell-offs by various entities, most notably the German government and Genesis Trading. The impact of these sell-offs on the crypto market has been significant, sending prices into a tailspin.
As a crypto market analyst, I’ve noticed an uptick in reports about significant Bitcoin sales from various entities over the past month. The German government’s actions have been particularly notable, leading to a negative impact on Bitcoin’s price and, by extension, the broader crypto market. However, it is essential to acknowledge that they are not the only players in this game. Other entities have also been selling off their Bitcoin holdings, contributing to the current downturn in the market.
Genesis Trading Begins Selling $2 Billion Bitcoin Stash
Amidst the German Government’s Bitcoin selling frenzy, other Bitcoin sellers have been overshadowed, but only temporarily. One such entity is Genesis Trading, which sought bankruptcy protection under Chapter 11 in New York as early as January 2023.
After the court’s decision in May 2024 mandating Genesis Trading to refund its clients, there are indications that the company has initiated the process of returning the money. Some clients are receiving their reimbursements in cash form, while others are being paid in cryptocurrency.
In a recent update on the platform previously known as Twitter, crypto trader @0xGumshoe disclosed that the identified entity has initiated sales of its enormous $2 billion Bitcoin hoard. Based on figures from the on-chain intelligence provider Arkham Intelligence, this entity has offloaded a substantial quantity of Bitcoin during the past month.
are you serious
I cannot believe that Genesis is now selling their $2B worth of Bitcoin
We’re not even finished with Germany FFS
— gumshoe (@0xGumshoe) July 11, 2024
Examining the past records, it is evident that Genesis Trading executed a total of six Bitcoin transfers in the month of June, all directed towards Coinbase. Specifically on June 12, 2024, Genesis transferred 756.282 BTC to Coinbase, which was equivalent to approximately $52.93 million at that moment.
On June 13, 2024, I transferred 670.5 BTC, equivalent to approximately $45.8 million, to the crypto exchange. A day later, on June 14, 2024, I executed another transaction sending 1,209.1 BTC, valued around $81.16 million at that time, to the same exchange.
On the 18th of June, 2024, there was a significant transfer of 1,496.2689 Bitcoin from Genesis Trading’s wallet to Coinbase crypto exchange, equivalent to around $97.15 million at the current value. Two days later, on the 20th of June, 2024, another transaction saw Genesis Trading sending 811 Bitcoins to Coinbase exchange, which was equal to roughly $52.82 million in value at that point in time.
The final transaction on June 21, 2024, involved the transfer of 2,131.268 BTC, equivalent to approximately $136.79 million, to Coinbase. This was the most significant individual Bitcoin transaction made by the entity to this exchange, and no further Bitcoin transactions have taken place since then.
As a researcher studying the cryptocurrency market, I’ve calculated that Genesis Trading transferred a total of 7,074.4189 Bitcoins, equivalent to approximately $466.65 million at current exchange rates. Although this volume pales in comparison to the German government’s sell-offs, it is still a noteworthy contribution to the selling pressure currently impacting Bitcoin.
German Government Running Out Of BTC
The German government’s sale of seized Bitcoin may soon conclude following market turbulence. Initially, they possessed approximately 50,000 BTC, which were obtained from the administrators of the pirate site Movie2k.
As a crypto investor, I’ve noticed that there has been a relentless selling wave in the market, resulting in a significant depletion of holdings. Over 40,000 BTC have already been sold off. At present, the German government holds less than 5,000 BTC. This development is positive news for the market since it’s anticipated that the selling pressure will decrease once the sell-offs come to an end.
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2024-07-13 09:42