Bitrabo Editorial
Reports indicate that the German government has been gradually selling off its Bitcoin holdings, adding pressure to the cryptocurrency market. Despite currently possessing a substantial amount of BTC, they are compelled to continue selling.
Overview of Germany’s Bitcoin Holdings
Data sourced from Arkham Intelligence reveals that the German government possesses nearly 24,000 BTC, equivalent to $1.42 billion. Recent records show ongoing transfers of over 1,100 BTC within 24 hours to various crypto exchanges and market makers, with a notable transfer of 800 BTC to Kraken.
Although these actions impact the market, a recent Coindesk report explains that the German government is obligated to sell the BTC holdings seized from the operator of the pirated movie site Movie2k. Following a case involving a state in Germany, Saxony, the government must adhere to standard procedures for selling confiscated assets.
A co-founder of German Blockchain Research Lab, Dr. Lennart Ante, noted that Saxony’s general prosecutor’s office handles the liquidation of confiscated assets within a specified timeframe. The responsibility for these sales lies with the police agency, indicating that they act under Saxony’s directives.
Institutional Investors Seize Bitcoin Dip Opportunity for Third Consecutive Day
Amidst the German government’s Bitcoin sales, institutional investors view this as a chance to increase their holdings. Farside investors’ data reflects the third successive day of net inflows into Spot Bitcoin ETFs on July 9, amounting to $216.4 million.
Previously experiencing mixed flows, these ETFs have seen a turnaround with consistent net inflows recently. This trend suggests that institutional investors are capitalizing on the Bitcoin dip to expand their positions, driving the digital asset’s price back towards $60,000.
As of the latest update, Bitcoin is trading at approximately $59,000, displaying a 3% increase within the last 24 hours based on data from CoinMarketCap.