As an experienced financial analyst, I find the recent actions of the German government in selling a significant amount of Bitcoin (BTC) from its cryptocurrency wallet to be a noteworthy development in the crypto market. With data revealing that the German government moved around $915 million worth of BTC to various exchanges and market makers, there were initial fears of a massive sell-off.
Approximately one billion US dollars’ worth of Bitcoin (BTC), Germany’s largest held cryptocurrency, was transferred from the German government’s digital wallet in a singular transaction last day. This unexpected action has left the cryptocurrency market on edge, as experts worry about potential massive sell-offs.
Based on information from Arkham Intelligence’s on-chain analysis, it’s been reported that the German government transferred approximately 16,000 Bitcoins, equivalent to around $915 million, to various wallets. The majority of these wallets were identified as being linked to cryptocurrency exchanges and market makers.
In a recent tweet, the firm disclosed the preliminary transactions, revealing that the German government transferred approximately 2,738.7 Bitcoin, equivalent to around $155 million, to exchanges and market makers such as Kraken, Cumberland, and an identified wallet labeled “139Po.”
The German government has previously used the Bitcoin wallet identified as “139Po” on at least two occasions, according to Arkham Intelligence’s data. Specifically, transfers of 800 BTC occurred on June 20 and another transfer of 500 BTC took place on June 19. This wallet is known to be linked to an institutional or over-the-counter Bitcoin trading service.
As an analyst, I would rephrase the given text as follows:
— Arkham (@ArkhamIntel) July 8, 2024
In the following developments, Arkham disclosed further substantial Bitcoin transfers. Among the recipients were major exchanges such as Bitstamp and Coinbase, alongside market maker Flow Traders, with the German government being the sender. These transactions resulted in over 16,000 BTC being moved daily, marking the largest single-day transfer from the German government yet.
Approximately 50,000 Bitcoins, which is what the German authorities confiscated from the administrators of an inactive film piracy site, Movie2k.to, dating back over a decade, now amount to around 22,846 Bitcoins in their possession. The current value of these Bitcoins stands at approximately $1.32 billion.
Analysts interprete Bitcoin’s 3% increase within the last 24 hours, despite the German government offloading almost $1 billion in the cryptocurrency, as a positive indication of market recovery due to expanding demand.
According to Bitfinex’s latest analysis, there are indications that the cryptocurrency market may have hit a local bottom. This is due in part to the recognition that despite the German government offloading large quantities of Bitcoin, these transactions represent only a minor fraction of the total Bitcoin bought and sold throughout last year.
The firm pointed out that volatility indicators are signaling a potential calming down. The decreasing gap between predicted and past volatility indicates that investors expect a more tranquil market condition in the future. This means Bitcoin’s price could hover around its current value or undergo fewer significant drops, according to the firm.
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2024-07-09 22:56