Genesis Trading Sell-Off Impacting Crypto Market
The recent surge in Bitcoin sell-offs by various entities, including the German government and Genesis Trading, has had a significant impact on the crypto market. These sell-offs have not only resulted in a drop in Bitcoin prices, but have also created selling pressures across the broader crypto market. While the German government has been the most prominent seller, Genesis Trading’s entry into the market with a massive $2 billion Bitcoin stash has added to the selling pressure.
Genesis Trading Begins Selling Bitcoin Stash
Genesis Trading, a crypto entity that recently emerged from Chapter 11 bankruptcy in New York, has started selling off its large Bitcoin holdings. After receiving court orders to return funds to its customers, Genesis Trading has initiated the process of repaying its clients, with some being paid in cash and others in cryptocurrency. The entity has been actively offloading its Bitcoin stash, with notable transactions to exchanges like Coinbase.
- Genesis Trading sells off Bitcoin stash after bankruptcy resolution
- Customers being paid in cash and cryptocurrency
- Significant transactions to Coinbase exchange
Data from the on-chain analytics platform Arkham Intelligence reveals that Genesis Trading has conducted multiple Bitcoin transactions in recent weeks. These transactions have involved substantial amounts of Bitcoin being sent to Coinbase, one of the leading crypto exchanges in the market.
Notable Genesis Trading Bitcoin Transactions
- Genesis Trading sent 756.282 BTC to Coinbase on June 12, 2024
- On June 13, 2024, 670.5 BTC worth $45.8 million was sent to Coinbase
- The following day, on June 14, 2024, 1,209.1 BTC worth $81.16 million was transferred to the exchange
- On June 18, 2024, 1,496.2689 BTC worth $97.15 million was sent to Coinbase
Impact of Genesis Trading Bitcoin Sell-Off
With transactions totaling 7,074.4189 BTC, valued at $466.65 million, Genesis Trading’s sell-off has contributed to the overall selling pressure experienced by Bitcoin in the market. While the volume is lower compared to the German government’s sell-offs, it has still had a considerable impact on the market.
German Government’s Bitcoin Sell-Off Depletes Holdings
The German government, which initially held a significant amount of Bitcoin obtained from the operators of Movie2k, has been actively selling off its holdings in recent weeks. The relentless sell-offs have seen the government deplete a large portion of its Bitcoin stash, leaving only a fraction of the initial amount remaining.
As the German government’s Bitcoin holdings continue to diminish, the market is anticipating a slowdown in sell-offs once the remaining Bitcoin is fully liquidated. This development is a positive sign for the market, as it could alleviate the selling pressures that have been impacting Bitcoin prices.
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