In the midst of the commotion surrounding the Mt. Gox and German government distribution, a silent accumulation of Bitcoin (#BTC) is taking place. This trend, observed by industry analysts, signifies a bullish sentiment in the market.

The focus on Mt. Gox and the German government's actions has somewhat overshadowed this quiet accumulation. However, the steady increase in Bitcoin holdings suggests that investors are confident in the long-term potential of the cryptocurrency.

This optimistic outlook is further reinforced by the analysis of on-chain data. The data indicates a decrease in Bitcoin selling pressure, implying that investors are holding onto their assets in anticipation of future price increases.

In conclusion, despite the distractions, the market's underlying sentiment remains positive. The ongoing accumulation of Bitcoin, coupled with encouraging on-chain data, paints a promising picture for the future of the cryptocurrency market.