⚹ Recently, the market has undergone a significant correction, with the German government being a significant source of FUD.
⚹ They hold over 1 billion USD in $BTC and gradually started transferring assets to CEX for sale.
This is quite a funny moment because the German government never invested in $BTC but acquired it through other means.
⚹ This $50,000 BTC was confiscated from the Movie2k website, specializing in movie piracy.
⚹ The money was confiscated in January 2024.
To date, more than half of their BTC, more than $25,000, has been sold through several CEXs:
- Kraken
- Coinbase
⚹ It seems like they don't leave the unsold coins overnight and deposit them back into their wallets.
⚹ This event should not be taken as an example of capable people.
⚹ The government's paper hand simply decided not to diversify their treasury, so they received criticism from their own deputies
⚹ This is market pressure that will not change the global picture
⚹ Often, the market reaction to news is much more emotional than the news itself.
⚹ People's emotions did not change and the number of $1 billion hit their heads, making them rush to sell, forgetting that the market capitalization of $BTC is $1.14 trillion.
⚹ Sooner or later, a rapid buyback will certainly begin.
⚹ While this pressure is quite exciting for experienced crypto enthusiasts, it causes emotional changes for others.
⚹ This is a critical time in any cycle before global growth.
⚹ The market simply cannot begin to grow without removing the weak from positions
⚹ Analyzing previous cycles, I can say that this is most likely manipulation by large players.
⚹ Before any global growth, there has been a significant correction, pushing people out of the market.
⚹ The current market phase can be described as a Bear Trap.
