Big news! Arkham's tracker shows that the German government has sold out all its Bitcoins! It took them only 23 days from the end of June to sell all of them, which is really amazing!
The last batch of Bitcoins sold by the German government this time was 3,846.05, worth up to $223.81 million! These Bitcoins were taken over by Flow Traders and 139Po, who may provide institutional deposits or over-the-counter (OTC) services!
Speaking of the price of Bitcoin, it is now firmly at a high of $57,800! However, the German government's withdrawal also marks the end of their era of direct involvement in the cryptocurrency market. These Bitcoins were originally confiscated from the operators of the now-closed pirated website Movie2k.to.
In fact, it is not uncommon for governments to conduct strategic liquidations of seized cryptocurrency assets. The United States has also auctioned large amounts of cryptocurrency seized from illegal activities before!
Speaking of this German Bitcoin sale, it is really interesting. The wallet operated by the police has been quietly transferring funds to various exchanges and over-the-counter trading desks, and an unidentified address has also received the transfer!
In addition, just as Germany's Bitcoin liquidation was underway, the U.S. spot Bitcoin exchange-traded fund (ETF) ushered in a large influx of funds. In the last four trading days, the ETF has absorbed about $801 million in BTC!
More interestingly, a report from CryptoQuant pointed out that since April 2023, the big players known as "whales" have been actively buying Bitcoin at the fastest speed. They took advantage of the lower prices caused by the German sell-off!
Now, Arkham's tracking system has shown that the balance of Bitcoin held by the German government is zero! This marks a major shift in the cryptocurrency landscape. As institutional and individual investors respond to the increase in Bitcoin supply, the impact of this withdrawal on the market will continue to be apparent! Let's look forward to the next market dynamics together!
