Bitcoin declines amid German government payments, miners' activities

Tuesday saw small outflows in U.S. spot Bitcoin ETFs

Tuesday saw the German government send 832.7 BTC worth $52 million.

Starting this week, Bitcoin miners sold more, according to on-chain statistics.

Bitcoin (BTC) continues fall on Wednesday and sits around $61,000 following Monday resistance at $64,000. Early in the week, Bitcoin miners sold more, according to on-chain statistics. U.S. spot Bitcoin ETFs saw slight outflows on Tuesday, the same day the German government transferred 832.7 BTC worth $52 million.

On Tuesday, the German Government moved 832.7 BTC, worth $52 million, from its wallet, according to Lookonchain. Coinbase, Bitstamp, and Kraken received 282.7 BTC, valued $17.65 million.

German authorities sent 2,240 BTC worth $142 million to Coinbase, Bitstamp, Flow Traders, and Kraken last week. This huge transfer activity may have increased traders' FUD (Fear, Uncertainty, Doubt), causing Bitcoin's 2.5% price drop this week.

U.S. spot Bitcoin ETFs lost $13.70 million Tuesday. Grayscale (GBTC) and Bitwise (BITB) lost 515.12 BTC and 108.14 BTC, while Blackrock (IBIT), Fidelity (FBTC), ARK 21Shares (ARKB), and VanEck (HODL) gained 224.22, 85.87, 39.76, and 55.66 BTC.

This dip may indicate a short drop in Bitcoin's price due to investor confidence. Net inflow data is vital for understanding Bitcoin ETF investor sentiment and market dynamics. The 11 spot BTC ETFs possess $54.65 billion in Bitcoin.

Starting this week, Bitcoin miners sold more, according to CryptoQuant. Miners sent 9,096.67 BTC to exchanges on Monday and 6,751.91 on Tuesday. Sales were slow over the weekend but increased throughout the week. Miners' attempts to pay operating expenses or capitalize on perceived price overvaluation may have increased transfers, putting selling pressure on. Such activities indicate market bearishness, which may predict a price drop.


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