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Home Bitcoin

Germany’s Bitcoin sell-off – Assessing the impact of 50K BTC being offloaded

July 13, 2024
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Germany’s Bitcoin sell-off – Assessing the impact of 50K BTC being offloaded
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  • BTC’s price hiked by 2% in the last seven days, despite it remaining under $60k
  • Selling pressure remained relatively weak across the cryptocurrency’s market

Investors have been keeping a close eye on the German government for quite some time now, as it has been constantly selling Bitcoin [BTC]. This might not be the case for long though as according to the latest updates, the government has sold off all of its BTC holdings.

Hence, the question – Will this exert more selling pressure on BTC?

Holds ZERO BTC

AMBCrypto had reported previously about the German government selling its BTC holdings in batches. The state’s Criminal Police Office (LKA) confiscated 49,857 BTC from the operator of Movie2k.to in January. Since then, the government has been dumping those BTCs in the market. 

Arkham shared a tweet covering the last such dump less than 12 hours ago. According to the same, the German government sent 3846.05 BTC worth $223.81 million to Flow Traders and 139Po. This latest transaction drained all of the BTCs from the government’s holdings. Currently, the German government holds 0 BTC.

Since the sell-off was worth millions, AMBCrypto took a look at whether selling pressure increased on BTC. AMBCrypto’s analysis of CryptoQuant’s data revealed that BTC’s net deposit on exchanges was higher compared to the last seven days’s average, meaning that selling pressure was rising.

However, BTC’s Coinbase premium revealed that buying sentiment was strong among U.S investors. Additionally, its Korea premium was also green. Simply put, Korean retail investors’ buying pressure has been relatively strong.

Bitcoin's Coinbase premium was green

Source: CryptoQuant

Which way is Bitcoin heading?

Here, it’s worth pointing out that at the time of writing, BTC had finally registered some gains, as insignificant as they may be, after weeks of corrections. It was valued at just under $57,850 on the charts following a minor hike of 2% in over 7 days. 

See also  Trump effect? Bitcoin defies Mt. Gox sell-off, jumps to $65K

We then took a look at other datasets to better understand whether the crypto would build on this hike or whether the German government’s sell-offs would result in yet another correction.

Our analysis of IntoTheBlock’s data revealed that both the bulls and the bears were competing equally last week. This can be supported by the fact that their number of transactions accounting for 1% of the trading volume remained the same. 

Source: IntoTheBlock

On the contrary, Glassnode’s data revealed that BTC is still trading below its possible market bottom. As per the PI Cycle Top indicator, BTC is priced below its market bottom of $65k. If the indicator is to be believed, then it’s viable for BTC to touch $94k in the coming weeks. 

BTC's Pi Cycle Top indicator

Source: Glassnode


Read Bitcoin’s [BTC] Price Prediction 2024-2025 


Finally, we checked Bitcoin’s daily chart to better understand whether BTC would continue its uptrend. We found that the MACD flashed a bullish crossover on the charts.

Both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) noted upticks, underlining the possibility of Bitcoin’s bull rally continuing. 

Next: How Cardano traders can profit from ADA’s short-term volatility

READ ALSO

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  • BTC’s price hiked by 2% in the last seven days, despite it remaining under $60k
  • Selling pressure remained relatively weak across the cryptocurrency’s market

Investors have been keeping a close eye on the German government for quite some time now, as it has been constantly selling Bitcoin [BTC]. This might not be the case for long though as according to the latest updates, the government has sold off all of its BTC holdings.

See also  Bitcoin's price breaches $75,000 to hit new ATH - Is $86,000 next to fall?

Hence, the question – Will this exert more selling pressure on BTC?

Holds ZERO BTC

AMBCrypto had reported previously about the German government selling its BTC holdings in batches. The state’s Criminal Police Office (LKA) confiscated 49,857 BTC from the operator of Movie2k.to in January. Since then, the government has been dumping those BTCs in the market. 

Arkham shared a tweet covering the last such dump less than 12 hours ago. According to the same, the German government sent 3846.05 BTC worth $223.81 million to Flow Traders and 139Po. This latest transaction drained all of the BTCs from the government’s holdings. Currently, the German government holds 0 BTC.

Since the sell-off was worth millions, AMBCrypto took a look at whether selling pressure increased on BTC. AMBCrypto’s analysis of CryptoQuant’s data revealed that BTC’s net deposit on exchanges was higher compared to the last seven days’s average, meaning that selling pressure was rising.

However, BTC’s Coinbase premium revealed that buying sentiment was strong among U.S investors. Additionally, its Korea premium was also green. Simply put, Korean retail investors’ buying pressure has been relatively strong.

Bitcoin's Coinbase premium was green

Source: CryptoQuant

Which way is Bitcoin heading?

Here, it’s worth pointing out that at the time of writing, BTC had finally registered some gains, as insignificant as they may be, after weeks of corrections. It was valued at just under $57,850 on the charts following a minor hike of 2% in over 7 days. 

We then took a look at other datasets to better understand whether the crypto would build on this hike or whether the German government’s sell-offs would result in yet another correction.

See also  4 Best USB Bitcoin Miners in 2024

Our analysis of IntoTheBlock’s data revealed that both the bulls and the bears were competing equally last week. This can be supported by the fact that their number of transactions accounting for 1% of the trading volume remained the same. 

Source: IntoTheBlock

On the contrary, Glassnode’s data revealed that BTC is still trading below its possible market bottom. As per the PI Cycle Top indicator, BTC is priced below its market bottom of $65k. If the indicator is to be believed, then it’s viable for BTC to touch $94k in the coming weeks. 

BTC's Pi Cycle Top indicator

Source: Glassnode


Read Bitcoin’s [BTC] Price Prediction 2024-2025 


Finally, we checked Bitcoin’s daily chart to better understand whether BTC would continue its uptrend. We found that the MACD flashed a bullish crossover on the charts.

Both its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) noted upticks, underlining the possibility of Bitcoin’s bull rally continuing. 

Next: How Cardano traders can profit from ADA’s short-term volatility
Tags: 50kAssessingBitcoinBTCGermanysimpactOffloadedSellOff

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EDITOR'S PICK

2-year high for Bitcoin’s whales – What does that mean for you?

2-year high for Bitcoin’s whales – What does that mean for you?

July 21, 2024
Who’s Behind The $41M Ethereum Buying Spree? Justin Sun?

Who’s Behind The $41M Ethereum Buying Spree? Justin Sun?

February 26, 2024
A collectible Axie reward system, Fortune Slips, goes live!

A collectible Axie reward system, Fortune Slips, goes live!

November 29, 2023
Russia mined nearly 54,000 Bitcoin in 2023, says industry expert

Russia mined nearly 54,000 Bitcoin in 2023, says industry expert

September 6, 2024

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