The German government's sale of coins is still ongoing
But today the exchange returned the BTC to the German government
The incident is getting more and more interesting, let's take a look:
1. Current situation of the German government address
Frequency of sale: Almost every day
BTC sold: A rough estimate shows that 37,112 BTC were sold (June 19 to today)
BTC left in the address: 22,846K BTC
2. What is the reason for the exchange's return?
Steven Zheng, head of research at The Block, said that the exchange is likely to return the bitcoins because it cannot sell them within the target price range.
Today, there were two returns:
(1) At 4:15 am, the German government address received 2,898 bitcoins returned by the exchange, worth approximately US$163 million, mainly from Coinbase, Kraken and Bitstamp.
(2) The Bitstamp address transferred a total of 1,692 BTC to the wallet address of the "German government" three times.
3. How do you view the German sell-off?
Although many analysts say that there are fewer German coin sellers, and that the return of the coin sale this time proves that Germany is in chaos, in short, I tell you not to panic.
But in fact, just like the Grayscale coin sale after the BTC spot ETF was approved, as long as the coin sale is not stopped, it will definitely suppress the rise of the market.
Many people also see that BTC has completed a second retracement from the trend, which may trigger a rise, but this second retracement is not worth mentioning before the German coin sale. After all, they still have more than 20,000 BTC in their hands, and a random smash will cause the original trend to collapse.
So even if there is a short-term rebound, don't be overly optimistic.
4. What can be done in this situation?
All along, whether it is the German coin sale or the Mentougou compensation, it is for BTC, while ETH is not affected. On the one hand, the ETF is expected to be ahead, and on the other hand, there are already whales who have started to buy ETH at the bottom, so if you don’t know what to buy, just buy ETH.
