The Crypto Star

The German government sold 3,100 BTC worth $178 million in one hour, with additional sell-offs expected.

The German government has maintained its Bitcoin sell-off, sending around 3,100 BTC worth approximately $178 million in an hour on July 9.
At the same moment, the government withdrew approximately 1,700 bitcoin.

Bitstamp recouped around $91.78 million in BTC holdings.

At the time of writing, the German government had also removed an additional 3,107 BTC from its major holdings, indicating that it was prepared for another imminent sell-off.
The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to offload assets now has 4,800 BTC worth $276.61 million.
The German government sell-off continues.
Since 7:30 a.m. UTC on July 9, there has been a total outflow of 3,100 BTC, with 2,500 going to an unknown B2C2 Group, 400 to the controlled exchange Kraken, and the last 200 to an unknown wallet.

On July 8, the German government sold another $900 million worth of Bitcoin, indicating that it intends to gradually sell off its remaining $1.5 billion in Bitcoin assets.
Despite the massive sell-off, the same 16,309 BTC sold is now worth more than $930 million, indicating that purchasers remain confidence in purchasing BTC at this price range.

Economic policy influence
Wall Street traders predict a 72% possibility that the US Federal Reserve will drop interest rates in September, which might stimulate BTC investment.
This macroeconomic tendency has a significant impact on assets such as Bitcoin since it is still viewed as a risky asset, as opposed to gold, which attracts liquidity during times of geopolitical turmoil.
Coinciding with the BTC sell-off, a decrease in BTC miner activity in operations and reserve sell-offs suggests that market sentiment may be nearing a bottom.
According to Bitfinex researchers, market data from July 6 and 7 confirmed this local low, despite Mt. Gox beginning its BTC and Bitcoin Cash (BCH) reimbursements.

Bitcoin could be set to comeback.
Despite the BTC sell-offs caused by the German government and Mt. Gox repayments to creditors, multiple evidence show that BTC is poised to recover.
BTC hit its lowest point since late February, reaching $53,550 before rebounding to current highs of $57,600.
However, the relative strength index indicator revealed an increasing gap between price decline and RSI value increase, indicating a lessening of sell pressure.
#BTC_Bounce_Back_to_57k
$BTC

Since July 5, investors have flocked into Bitcoin ETFs, but it has not been enough to offset Germany's BTC selling binge.

Bitcoin investors have poured more than $650 million into US-listed spot Bitcoin exchange-traded funds (ETFs) in the previous three trading days since July 5. 
It comes after another robust day of net inflows for the eleventh place Bitcoin. 

ETFs on July 9th. Inflows to BlackRock's Bitcoin ETF, the iShares Bitcoin Trust, totaled $121 million, while Fidelity's Wise Origin Bitcoin Fund received $91 million. 

Farside Investors reported $216.4 million in net inflows to US-based spot Bitcoin ETFs on July 9, equivalent to 3,760 Bitcoin.

Over the last three trading days, the market has received $654 million in inflows, including $294.8 million on July 8 and $143.1 million on July 5.
Since July 4, Bitcoin has failed to return above $60,000 or higher. According to TradingView, the cryptocurrency is currently trading at $59,165, a decrease of about 15% over the last month. 

Some analysts believe the ETFs will help drive up the price of Bitcoin, as they did in the months leading up to March, when it reached a new all-time high. 
"The run-up from $16K to $73K was largely driven by the ETFs, following a buy-the-rumor, buy-the-news phenomenon," said Sina G, co-founder and chief operating officer of Bitcoin custody consultancy business 21st Capital, in an analysis threadon X. 
"Up until mid-March, ETF flows were very high, and the market rose. Since then, ETFs have slowed and bankruptcy outflows have taken over, resulting in negative price action all the way down to $56,000," he stated.
Not enough to counteract Germany's BTC dump.
Inflows into US Bitcoin ETFs have been insufficient to offset a recent Bitcoin selling frenzy by Germany's Bundeskriminalamt (BKA), the country's federal criminal police, who confiscated almost 50,000 Bitcoin in mid-January during an investigation into a movie piracy website.

Since July 5, the BKA's wallet has reduced its BTC holdings by more than $850 million, with hundreds of millions of Bitcoin moved back and forth to wallets owned by centralized exchanges and market makers, according to Arkham Intelligence. 
Its wallet presently contains 23,960 Bitcoin worth $1.4 billion, which is less than half of the total Bitcoin seized from the film pirate website Movie2k in mid-January.

According to Arkham's onchain data, the BKA began selling Bitcoin on June 19 and increased its efforts in early July.
#BTC_Bounce_Back_to_57k #ETH_ETFs_Approval_Predictions

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