German Government Completes Sale of All Bitcoins
The German government has officially completed its Bitcoin sales series, leaving its wallets completely empty.
Stages of the Sale
According to information we cite from Beincrypto, and according to data from Arkham Intelligence, on July 12th, the government sent a total of 2,700 BTC to several platforms such as Kraken, Bitstamp, and Coinbase.
They also utilized other institutional custody services.
Additional Settlements and Market Impact
Furthermore, the government received back 4,169 BTC from previous transactions. They also injected 748.25 BTC into Cumberland, and 2,300 BTC into Kraken and other services.
In the final phase, 3,049 BTC went into institutional custody, while 752.17 BTC was sent to Flow Traders.
Mini’s Impact on Bitcoin Price
This large sale captured the attention of the crypto market. The price of Bitcoin briefly surged from around US$57,232 to US$57,896, then stabilized at around US$57,811 at the time of the report.
Response from the Crypto Community
The market responded to this action with optimism. Some speculated that the government might regret releasing its assets in the future.
Meanwhile, data shows that this large-scale sell-off began on June 19th, resulting in the price of BTC plummeting from US$65,000 to below US$60,000.
Expert Views on Long-Term Impact
Experts believe that, despite the short-term liquidity shock, Bitcoin’s long-term fundamentals remain strong.
Traders like Michaël van de Poppe note that the market has been able to absorb US$3.5 billion in selling pressure over the past few weeks, and further gains are highly likely.
Conclusion
The German government’s massive Bitcoin sale is now fully complete. While it initially shook the market, many analysts believe the market will recover and potentially grow even higher once the sell-off ends.
