Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.
The cryptocurrency market witnessed a significant development this week. The German government completed the sale of its substantial Bitcoin (BTC) holdings worth over $3 billion. Bitcoin’s price surged toward the $63,000 level today as the selling pressure eased and the market turned optimistic.
German Government Concludes Over $3 Billion Bitcoin Selloff
The German government officially exhausted its Bitcoin reserves on July 12, concluding a three-week selling spree that began in mid-2024. The final transaction involved the sale of 3,846 Bitcoin to entities identified as “Flow Traders and 139Po,” believed to be institutional deposit or over-the-counter services.
Germany’s Bitcoin holdings, primarily acquired through asset seizures, initially totaled approximately 50,000 BTC, valued at nearly $3 billion. The systematic liquidation of these assets exerted significant downward pressure on Bitcoin prices, contributing to a 15% correction over the past month.
Despite this selling pressure, institutional investors seized the opportunity to “buy the dip,” with U.S. exchange-traded funds recording inflows of $295 million during the period. As of July 15, the German government officially holds zero Bitcoin, marking the end of its influence on the market through direct sales.
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Bitcoin Price Surges Amid Market Optimism
As the German selloff concluded, Bitcoin’s price experienced a remarkable upturn. As of 3:44 PM UTC on July 15, Bitcoin traded at $62,987.06, representing a substantial increase of $3,032.56 or 5.06% over the previous 24 hours. This surge has positioned Bitcoin near its 52-week high and on track for its best daily performance since March.
The cryptocurrency is currently trading on 11,598 active markets, with a 24-hour trading volume of $27.436 billion across all currencies.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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