The German government’s Bitcoin (BTC) wallet, which contained almost $3 billion worth of Bitcoins a few weeks ago, is now completely empty. For weeks, our eastern neighbors have dominated Bitcoin news with merciless sales worth hundreds of millions of dollars, so the depletion was coming at some point.
The Bitcoin price has suffered heavily from the massive dump by the German government, but now has breathing room for further recovery.
German government sells last BTC holdings
Since mid-June, the German government has been steadily selling off chunks of its massive Bitcoin stash. Initially, a few hundred million dollars of the nearly $3 billion worth of Bitcoin was dumped onto the market each week. This past week, the sales unexpectedly accelerated, further increasing fear in the crypto market.
Now the pressure is finally gone. Blockchain analysis platform Arkham Intelligence, which had previously tracked down the German government wallet, announced yesterday on social media platform X that the wallet has now been completely emptied.
Since February of this year, Germany, though few people may have known it, has been a major holder of BTC after a large-scale confiscation of almost 50,000 Bitcoins from the operators of the illegal movie streaming website Movie2k. The seized assets had to be liquidated because the law in Germany simply requires it. A change in the law would have been necessary to prevent the sale.
On June 19th, the inevitable sale was heralded. At that time, few people could have foreseen that after just over 3 weeks, the entire mountain of Bitcoins would disappear.
BTC selling pressure fades
The German selling frenzy, coupled with the feared start of the payback process of the 2014 collapsed Bitcoin exchange Mt. Gox, were the main reasons for the massive price drop that Bitcoin has experienced in recent weeks.
Now that the German government’s sales have come to an end, a huge burden has been lifted off the shoulders of the Bitcoin price.
US Bitcoin spot Exchange-Traded Funds (ETFs) have been able to absorb much of the selling pressure recently as German selling accelerated at a record pace. Perhaps the bulls can now regain some control and propel Bitcoin past the crucial $60,000 lifespan.
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Source: https://newsbit.nl/duitsland-voltooit-3-miljard-bitcoin-verkoop-positief-nieuws-voor-btc-koers/
