Why US and German Governments Selling Bitcoin Isn't a Problem
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The Bitcoin market has seen three big selloffs since June. The bulk of these selloffs have come from miners and a few other whales, but the German government is also selling.
Government selloffs are whale movements because of their massive magnitude. Many market players might also claim they increased selling pressure and lowered Bitcoin prices.
CryptoQuant founder and CEO Ki Young Ju disagrees. He thinks responses to government pocket selloffs are overblown. Interestingly, his opinion is based on Bitcoin inflows over the last year.
Government Selling Bitcoin Is Overrated
approximately the previous two weeks, US and German government addresses have transmitted approximately $737 million in Bitcoin to Coinbase, Bitstamp, and Kraken. Exchange selloffs are inevitable with these moves.
The fact that these transactions happened during a month-long Bitcoin price drop has added to the selling pressure.
While news about “governments dumping Bitcoin” may cause crypto community FUD, the situation is not that serious. The governments sold some of their Bitcoin assets, although the sell-off wasn't that
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