Last month, the German government liquidated the bulk of its Bitcoin holdings, selling approximately 41,000 BTC. After this aggressive selling, its total reserves dropped from 50,000 BTC to 9,094 BTC. However, the market absorbed this sudden sell-off surprisingly steadily, with Bitcoin's price hovering around $57,000 thanks to strong Bitcoin ETF inflows.

Analysis of Sales Timing and Effects$BTC

These transactions, in which the German government sold 10,627 BTC worth $616 million and then bought back 4,169 BTC, surprised analysts. By reporting these transactions, Arkham Intelligence highlighted the market's resilience in the face of these large moves.

Even though Germany has significantly reduced its Bitcoin holdings, the price of the cryptocurrency has shown remarkable stability. This resilience is attributed in part to increased investor confidence thanks to lower-than-expected US Consumer Price Index (CPI) data for June. Additionally, increased interest and inflows into Bitcoin ETFs have offset the potential downward pressure of the sell-off.

Macro Indicators and Market Sentiment

Global economic indicators have a huge impact on cryptocurrency markets. The latest CPI data from the USA indicates a cooling in inflation, showing an increase of 3.3% compared to the expected 3.5%. This development is positive for the general financial markets and is considered bullish for cryptocurrencies. However, Bitcoin's price fell 1.4% below its recent peak, trading below $57,000. Analysts from Santiment described this situation as a "buy the rumor, sell the news" event and stated that positive economic indicators were pre-priced by the markets.

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