The German government transferred the confiscated Bitcoins to trading platforms such as Kraken, Coinbase and Bitstamp in three installments, totaling 1,300 Bitcoins (worth more than 75 million USD), and sold a total of 9,600 Bitcoins since June. Shortly after the transfer, the price of Bitcoin fell below 57,000 USD, which became the second lowest price since 70,000 USD in March. Sun Yuchen expressed his willingness to negotiate with the German government to purchase all its BTCs off-market to minimize the impact on the market. If this is true, Sun Yuchen is still quite capable.
Although the price of Bitcoin has fallen to 57,000 due to the German government's market crash, I think this is a very good time to buy the bottom. The first logic: the technical side forms a W bottom with the bottom on May 1, and the German market crash cannot be sustained, so the probability of effective support is high; the second logic: the Fed's interest rate cut is imminent, and once the quantitative easing cycle starts, mainstream assets will benefit and rise. Buying the bottom in this wave of correction is to prepare for the bull market next year; the third logic: in the past month, altcoins have generally experienced a "halved" decline, and the cost-effectiveness has fallen, so the time to buy the bottom is ripe.