Total Depletion Of German Bitcoin Reserves: Wallet Left With Zero BTC
13 Julio 2024 - 2:00AM
NEWSBTC
In what is being hailed as a significant victory for the Bitcoin
market, the German government has officially depleted its Bitcoin
reserves after holding 50,000 BTC in its wallet just months ago.
Bitcoin Wallet Now Empty After Massive Selling Spree Data from
market intelligence firm Arkham shows that the German government
recently transferred the remainder of its 3,846.05 BTC stash worth
approximately $223 million to Flow Traders and 139Po, likely for
over-the-counter (OTC) services. As a result, Arkham’s
platform reveals that the government’s wallet now stands empty,
with zero BTC remaining, as seen in the image below. Related
Reading: XRP Price Eyes Colossal 280% Breakout Amid CME Group
Partnership Interestingly, data researcher Jay analyzed the German
government’s selling activities and found that Germany sold a
staggering 42,000 BTC in just one week, averaging 250 BTC per hour
over 168 hours. Earlier this year, the German police made headlines
when confiscated 50,000 Bitcoin worth $2.17 billion in the
country’s most extensive cryptocurrency seizure. The seizure
occurred in January, and the Bitcoin was taken after the suspects
voluntarily transferred the funds to official wallets provided by
the BKA (Bundeskriminalamt), the German Federal Criminal Police
Office. This consistent selling pressure from the German government
was notorious for contributing to the significant 25% price
retracement experienced by the largest cryptocurrency, resulting in
a low of $53,500 not seen since February. Sell Pressure, Support
Levels, And Investor Sentiment Crypto analyst SkewA commented on
this recent development, noting that in the future, market
observers will closely monitor the passive flow of Bitcoin,
particularly for signs of reduced supply. According to the
analyst, this will serve as a gauge to determine if the market has
effectively absorbed the recent sell pressure and highlighted the
$60,000 level as the current market supply zone, with the potential
for a retest of this crucial level. Related Reading: 6,400 Ethereum
Mystery Move Sparks ETH Rally Talk Pre-ETF Nod On the other hand,
market expert Dann Crypto Trades notes that Bitcoin is currently
attempting to regain support from the May lows. Price action
has been volatile in this range, and Dann believes that a true
higher timeframe reversal will only occur once the “green zone”
above $59,000 is successfully recaptured. The analyst sees the
$56,500 level as crucial support for BTC’s upside momentum in the
short to medium term. Meanwhile, crypto analyst Ali Martinez has
identified a bullish sentiment surrounding Bitcoin’s outlook,
noting that the accumulation trend score indicates a shift in
investor sentiment after an extended distribution phase since
April. At the time of writing, BTC trades at $57,600, remaining in
its trading range between this level and the $59,000 zone for the
past two days. Featured image from DALL-E, chart from
TradingView.com
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