The German Government’s Bitcoin Dumping Campaign Nears its End 📉
After weeks of sell pressure and crypto community dread, the German government is approaching the end of its multi-billion dollar Bitcoin market dumping campaign.
Moving BTC Out of Government Wallets 💼
- In June, Germany held 50,000 BTC worth $2.8 billion seized from Movie2k. As of today, most funds have been moved out.
- Only 4,925 BTC, equivalent to $284 million, remains in government wallets as per data from Arkham Intelligence.
- German officials made significant transfers to exchanges and market makers, including Kraken, Coinbase, and Bitstamp.
Increasing Sell Pressure on Bitcoin ⬇️
- Outflows from government wallets have accelerated, with a massive $900 million sent to exchanges on Monday alone.
- The transferred funds are believed to be dumped on the market, contributing to a recent decline in Bitcoin prices.
- Bitcoin is currently trading at $57,660, down 13% over the last month.
The Government’s Bitcoin Liquidation Strategy 🔄
- While transferring Bitcoin to exchanges suggests liquidation, the government has had funds returned to its wallet after such transfers.
- The net balance of the German government is rapidly approaching zero, indicating an end to the market-crashing threat.
- Some investors view the liquidation as a missed opportunity for future gains.
Future Perspectives on Germany’s Bitcoin Strategy 🤔
- Investor Charles Edwards predicts that Germany’s Bitcoin sell-off will be seen as a major geopolitical blunder in the future.
- He believes this move will be studied in universities as a cautionary tale.
Hot Take 🚀
As the German government nears the end of its Bitcoin market dumping campaign, the crypto community eagerly anticipates the impact on Bitcoin prices and the broader market.
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