How many more bitcoins will the German government sell? 40,000 or 60,000?
1. German government's Bitcoin sale
The German government's Bitcoin sale plan will not be suspended because of market calls and intervention. This is a decision made after careful consideration and repeated deliberation. Once the start button is pressed, they will basically be like chicken blood and can't stop.
But then again, although it is good for the long-term development of Bitcoin, it is not very friendly to the price in the short term. Once the sale plan is launched, the price fluctuation may be more exciting than a roller coaster.
At present, the German government has sold 10,000 bitcoins, taking it slowly from a few hundred to a thousand each time, but there are still more than 40,000 waiting in line for sale.
If they continue to "smash the market" like this, the price of Bitcoin may slide. Want to know how much selling pressure there is? Just look at the market reaction when Grayscale sold last time. The same is that Grayscale's shares were basically taken over by the US spot ETF. Now the German government's selling pressure has really taken over the market.
In addition, coupled with the impact of the Mentougou incident, the current compensation issue is almost catching up with the impact of the Fed's interest rate cut. If the second phase of compensation begins, the pressure on the Bitcoin market will be extraordinary.
2. How much selling pressure is there?
According to Arkham data, these guys currently hold 396,210 BTC (US$22.78 billion):
Germany: 41,226 BTC (US$2.28 billion)
US: 213,297 BTC (US$11.72 billion)
Mt.Gox: 141,687 BTC (US$7.78 billion)
This is basically a selling pressure that the market cannot bear, so it is not optimistic in the short term. You can only play with fluctuations, and don't be sloppy, especially for altcoins.
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