Key Takeaways
- German government sells all Bitcoin holdings totaling $2.9B.
- Bitcoin price drops 15%, hitting a four-month low.
- Positive inflation data and upcoming Ethereum ETFs may boost market.
The German government has sold its entire Bitcoin holdings, totaling around $2.9 billion, over the past 24 hours. Data from Arkham Intelligence revealed this massive sell-off, which has now left Germany without any Bitcoin.
In June, Germany held approximately 50,000 BTC, valued at $2.8 billion. This substantial amount was seized in January from Movie2k.to, a notorious film piracy website. The largest single-day sale occurred on Monday, with $900 million worth of Bitcoin sold, significantly impacting Bitcoin’s market price.
The German government followed a strategy similar to the US by selling its Bitcoin on exchanges like Bitstamp and Kraken. This tactic led to Bitcoin’s price falling from its stable $60,000 range to a four-month low of $57,700, a 15% drop over the past 30 days. The sell-off has fueled market panic, causing further decline in Bitcoin’s value.
Despite this, some market experts remain optimistic about Bitcoin’s future. With the sell-off completed and positive inflation data emerging, there is hope for a market rebound.
