The German government has officially used up all of its Bitcoin stocks, which used to hold 50,000 BTC. This is a significant event for the Bitcoin market.
Arkham, a market intelligence company, says that Germany recently sent its last 3,846.05 BTC, which is worth about $223 million, to Flow Traders and 139Po, most likely for over-the-counter (OTC) services. As a result, Arkham’s statistics shows that the government no longer has funds to spend.
Jay, a data researcher, looked at what the German government was selling and found that they sold an amazing 42,000 BTC in just one week, which is about 250 BTC per hour for 168 hours.
Bitcoin Market Supply Levels
German police made news earlier this year when they took away 50,000 Bitcoin, which is worth $2.17 billion. It was the biggest cryptocurrency seizure in the country’s history. It was taken in January, and the Bitcoin was sent to official wallets given by the German Federal Criminal Police Office (BKA).
German government selling pressure has been linked to a significant 25% drop in the price of Bitcoin, which has caused the cryptocurrency to hit a low of $53,500, which hasn’t been seen since February.
Crypto expert SkewA said that people who are paying close attention to the future market will keep a close eye on Bitcoin’s passive flow for signs of a smaller supply. The expert pointed out that the $60,000 level is where the market’s supplies are right now, and that this important level could be tested again.
Market expert Dann Crypto Trades talked about BTC effort to get support from its low point in May and said that the price action was “volatile.” Dann thinks that a real higher timeframe reversal won’t happen until the “green zone” above $59,000 is safely taken back. He thinks that the $56,500 mark is very important for the short to medium-term growth of Bitcoin.
Ali Martinez, a crypto expert, has found that people are optimistic about BTC. He says this is because investors’ views have changed after a long period of distribution since April.
