On Thursday, July 11, the German government sold an additional $376 million worth of Bitcoin, bringing its total holdings below 10,000 BTC. The BTC price stabilized around $57,000.
The German government continued its Bitcoin sales late Thursday, July 11, unloading another $376 million worth of Bitcoin, bringing its total holdings below 10,000 BTC.
German government sells 82% of Bitcoin in one month
On Thursday, the German government continued to sell off its Bitcoin holdings, initially dumping 10,627 Bitcoins worth $616 million at a price of $57,976 per Bitcoin. However, it recovered 4,169 Bitcoins worth $241 million at a price of approximately $57,469 per Bitcoin, according to Arkham Intelligence.
After this sale, the German government only has 9,094 Bitcoins left to sell, currently worth $520 million. In the past month, the German government has liquidated 82% of its Bitcoin holdings, selling nearly 41,000 BTC on the open market.
The German government has been selling heavily over the past three days. If they continue to sell at the current rate, it will take at most one or two days to liquidate all their holdings.
So far, the German government has not officially stated why they sold Bitcoin so quickly. In addition, there is no clear logic as to why the government sold it in advance and bought some Bitcoin on the market.
However, the good news is that the price of Bitcoin has remained mostly stable at around $57,000 over the past two days.
Has Bitcoin hit bottom?
Earlier this week, Bitcoin fell all the way to $53,500 before steadily recovering to $58,000. Despite the German government’s selling of Bitcoin this week, inflows into spot Bitcoin ETFs have remained very strong, attempting to offset the selling pressure.
While the German government’s BTC move had little impact on BTC prices, the focus has now shifted to macro indicators. The U.S. CPI data for June came in below expectations. However, Bitcoin bulls failed to realize gains, with BTC prices down 1.4% to below $57,000 at press time. On-chain data provider Santiment said this was a sell-off in BTC.
