Bitrabo Editorial
Reports have been swirling about the German government selling large amounts of Bitcoin recently, impacting the crypto market. Nevertheless, Genesis Trading has also emerged as a significant seller alongside the German government.
Genesis Trading’s $2 Billion Bitcoin Sell-Off
Genesis Trading filed for Chapter 11 bankruptcy in New York in January 2023, and after a court order in May 2024, they have started returning funds to customers. The entity has begun selling some of its massive $2 billion Bitcoin stash, as revealed by on-chain data from Arkham Intelligence.
are you serious
Genesis is selling their $2 billion Bitcoin stash
We’re not even done with the German sell-offspic.twitter.com/GhW3uUjYjV
— gumshoe (@0xGumshoe) July 11, 2024
Genesis Trading conducted six Bitcoin transactions in June, sending considerable amounts to the Coinbase exchange. The total value of Bitcoin offloaded was $466.65 million, contributing to the downward pressure on Bitcoin prices.
German Government Depleting Bitcoin Reserves
The German government, after seizing 50,000 BTC from Movie2k operators, has sold off over 40,000 BTC, leaving them with less than 5,000 BTC. This signals a potential end to the selling spree, offering relief to the market.