The wallet address tagged “German Government” by Arkham Intelligence no longer has any Bitcoin (BTC) to sell. After about a month of unrelenting selloff, the government sent the last batch of coins in what comes off as a relief for the market.
Is the Germany Bitcoin Nightmare Over?
According to several reports, Germany has sold off more than 46,000 BTC before today. In the latest update, Arkham Intelligence noted that the last 3,846 Bitcoin units worth approximately $223.81 million have moved to Flow Traders and 139Po.
BREAKING: The German Government is now out of Bitcoin.
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).
The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2
— Arkham (@ArkhamIntel) July 12, 2024
The balance on the highly monitored wallet is now reading 0 BTC. The weeks-long selloff of the Bitcoin in the account has triggered multiple crypto market downtrend. This selloff has largely kept the price of Bitcoin below the $60,000 price market. With the selloff possibly over, the projection is that the market might start its recovery phase moving forward.
In the heat of the liquidation, many speculations were put forth. While some expected the Saxony Government to cool down in its liquidation agenda, others wanted it to finish up and free up the market.
This update is likely to set Bitcoin on a parabolic run. The signs are there already as the price of the coin is up 0.91% in the past 24 hours to $58,236.12. For Bitcoin whose price action has showcased mostly bearish volatility lately, the trend is shifting with likely upsurge underway.
The 24 hour low for BTC comes in at $56,590.17 and the highest trading level is $58,532.68.
Threat Remains For BTC
While the threat from Germany might be over, Bitcoin still faces a significant headwind from other regions. The United States also have a BTC stockpile that might get offloaded on Centralized Exchanges like Coinbase.
Besides, Coingape reported earlier that the Chinese government has up to 190,000 BTC seized. The government might also choose to liquidate these funds at any time. Amidst all these, the repayment of Mt.Gox beneficiaries is another significant challenge that long Bitcoin traders need to watch out for.
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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.
