The German government has finally sold all the bitcoins they have, which is good news.
Bitcoin prices have fluctuated a lot recently, and the German government's selling behavior in particular has put a lot of pressure on the market, causing market sentiment to become pessimistic. Let's review why the German government is selling bitcoins, what impact this has on the market, and when there may be a rebound.
First of all, the bitcoins in the hands of the German government were seized from the pirated film and television website Movie2k in January this year, with a value of up to $2.2 billion. The German government may have sold bitcoins to repay victims or other unknown reasons.
The 50,000 bitcoins managed by the German government have been sold successively since June 19, and these sales have directly affected the decline in bitcoin prices and triggered a strong reaction from the market. The German government's public selling on the exchange has increased short-term selling pressure, had a negative impact on market sentiment, and also provided opportunities for shorts.
Although the number of sales this time seems large, it is not much compared with the overall market trading volume, and the market has the ability to absorb these selling pressures. In addition, there has been a net inflow of bitcoin ETFs in recent days, indicating that investors are entering the market to take over.
Now the German government has completely sold out Bitcoin, and the market is relatively stable. Although there are still issues such as Bitcoin compensation and Genesis bankruptcy liquidation, it may take some time to bottom out, but this is also a critical moment to seize the opportunity of rebound. In short, the market should be prepared for a possible rebound when the bad news is gone.
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