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In a significant move, the German government sold $376 million in Bitcoin, reducing their holdings to just 9,094 BTC, with potential market shifts looming.
Significant Reduction in German Bitcoin Reserves
The German government sold $376 million worth of Bitcoins late on Thursday, July 11, bringing its total holdings under 10K BTC.
Initially selling 10,627 BTC for $616 million at a price of $57,976 per BTC, the German government continued to unload its assets on Thursday. Nevertheless, according to the information provided by Arkham Intelligence, 4,169 BTC, valued at $241 million, were returned at a price of around $57,469 per BTC.
According to Coingape, the German government has sold all but 9,094 Bitcoins, leaving them with a market worth of $520 million. In the past month, the German government has sold roughly 41,000 BTC on the open market, liquidating 82% of its Bitcoin holdings.
There has been a massive sale by the German government in the past three days. It would take them little more than a day or two to sell off all of their assets if they keep selling at the present rate.
Uncertain Motives Behind Sales
Despite widespread speculation, the German government has been mum on the subject of their rapid BTC sales. The government's decision to sell some BTC early and buy some later in the market lacks any discernible rationale.
The silver lining, though, is that Bitcoin's price has been relatively stable at $57,000 for the past two days.
Stable Bitcoin Prices Amid Massive Sales
Bitcoin has made a solid comeback to $58,000 after falling as low as $53,500 earlier this week. Spot Bitcoin ETF inflows have stayed quite high this week, countering the selling pressure from the German government.
The attention has changed to the macro indications, even though the Bitcoin price hasn't been much affected by the German government's BTC movement. U.S. consumer price index numbers for June came in lower than predicted.
But Bitcoin bulls have failed to produce an upswing, and the cryptocurrency's price is currently trading 1.4% lower, falling below $57,000. That is a sell-the-new trend for Bitcoin, according to on-chain data source Santiment.
