In the recent week, the Bitcoin whale activity has shot up significantly in what seems to be a classic tug-of-war between the bulls and the bears. Over the last two days, Germany’s government has deposited a total of nearly 1,700 Bitcoins worth $110 million to three different crypto exchanges – Kraken, Coinbase, and Bitstamp. However, this is quite minuscule in comparison to the 43 billion worth of Bitcoin stash that the government holds.
Germany’s $3 Billion worth of Bitcoin Holdings on Radar
As the on-chain activity suggests, the German government has been offloading its Bitcoin holdings over the past two days. Over the past couple of years, Germany seized a total of 50,000 Bitcoins and is sitting on large unrealized profits despite selling 3,000 BTC recently, as per CryptoQuant CEO Ki Young Ju.
The surge in the BTC price over the past couple of years puts Germany’s current BTC holdings at a value of $3.24 billion, of which $1.1 billion is unrealized profit. Germany is currently the fourth-largest holder of Bitcoins after the US, China, and the United Kingdom. The US currently holds 213,246 Bitcoin valued at $13.7 billion. On the other hand, China still continues to hold 190,000 despite selling a huge stash back in 2019 and imposing the Bitcoin ban back in 2017.
The recent sell-off from the German government coupled with the massive outflows from the spot Bitcoin ETFs has been behind the currently selling pressure with the BTC price slipping under $65,000 recently.
🇩🇪 Germany seized 50K #Bitcoin and has sold around 3K BTC.
The surge in $BTC price has resulted in a $1.1 billion unrealized profit, increasing the value of their current holdings to $3.24 billion. pic.twitter.com/ZPeDZobYlL
— Ki Young Ju (@ki_young_ju) June 20, 2024
BTC Whale In Action
While the German government has been offloading its stake, other Bitcoin whales have been scooping supplies at every fall. On Thursday, June 20, Michael Saylor’s MicroStrategy announced an additional purchase of 11,931 Bitcoin through the proceeds of the $800 million convertible notes.
Furthermore, on-chain data reveals that a Bitcoin whale purchased over 6,500 Bitcoins worth $430 million in a single go on Thursday.
A whale bought 6570 #Bitcoin worth over $430 million in the past 24 hours.
While you’re panic-selling, whales are continuously buying the dip while they still can. pic.twitter.com/bqGo6EwGJw
— Lark Davis (@TheCryptoLark) June 20, 2024
This shows that there are enough takers in the market for every selling pressure. However, with Bitcoin miner capitulation, the Bitcoin price recovery is likely to see a delay further into the summer.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
