The German government recently sold an additional $376 million worth of Bitcoin, bringing its total holdings below 10,000 BTC. Despite the significant liquidation, Bitcoin’s price remains steady at around $57,000.
Major Bitcoin Sell-Off by German Government
On Thursday, July 11, the German government continued its sell-off, reducing its Bitcoin holdings by selling an additional $376 million worth of the cryptocurrency. This sale brought Germany’s Bitcoin reserves below 10,000 BTC.
Government Liquidates 82% of Bitcoin Holdings
Germany has significantly reduced its Bitcoin holdings, initially selling 10,627 BTC worth $616 million at $57,976 per BTC. According to Arkham Intelligence, the government received back 4,169 BTC worth $241 million at approximately $57,469 per BTC. Following these transactions, the German government now holds only 9,094 Bitcoins, valued at $520 million.
Rapid Sale Expected to Continue
The German government has been selling large quantities of Bitcoin over the last three days. If this pace continues, the remaining holdings could be liquidated within a day or two. As of now, there is no official explanation for the rapid sell-off or the partial repurchases of Bitcoin by the government.
Market Response and Stability
Despite the substantial sell-off, Bitcoin’s price has remained stable around $57,000 over the last two days. This stability is largely due to strong inflows in spot Bitcoin ETFs, which have helped counteract the selling pressure from the German government’s actions.
Broader Market Indicators
While the German government’s Bitcoin transactions have not significantly impacted Bitcoin’s price, the focus has shifted to broader economic indicators. The US CPI data for June came in lower than expected, which is currently influencing market sentiment. However, Bitcoin’s price has slightly declined by 1.4%, trading just below $57,000 as of the latest reports. On-chain data provider Santiment attributes this to a “sell-the-news” movement.
Despite the uncertainty surrounding the German government’s actions, the market has shown resilience, maintaining Bitcoin’s price stability amid significant sell-offs.
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