CryptoQuant CEO Ki Young Ju argues that German and US Bitcoin sales volumes have a very small impact on this bull market. Therefore, the analyst suggests that Bitcoin investors should not act suddenly in the face of governments' BTC sales. Another analyst, Ali Martinez, points out that BTC has not shown a strong recovery yet.
"Governments' Bitcoin sales are overrated!"
According to the news on Kriptokoin.com, Mt.Gox payments and the German government's Bitcoin sales led to sharp declines in the market. In an environment where FUD (Fear, Uncertainty and Doubt) is at historical peaks, BTC dropped to 54 thousand dollars. However, some analysts think this is exaggerated. Ki Young Ju, founder and CEO of on-chain analysis platform CryptoQuant, states that recent sales by governments are insignificant. “Don't let governments' FUD selling send you into a panic,” the analyst says.
Ki Young Ju argues that the amount of Bitcoin sold by governments around the world represents a very small fraction of the total funds entering the market. The total amount of funds technically available for sale by governments is less than $10 billion, as opposed to the nearly $250 billion in inflows since the last bull market began. Therefore, the analyst says, "Governments' BTC sales are exaggerated." He also adds, "$224 billion has been poured into this market since 2023. BTC seized by governments accounts for only 4% of this amount."
This perspective is consistent with the defunct exchange Mt. It stands out as a balanced response to sharp spot sales due to transfers from wallets associated with Gox as well as ongoing government sales activities. The role of Germany and the USA here is particularly evident as Germany still retains 41,200 BTC that it has seized from various bad actors over the years, according to data from crypto intelligence firm Arkham.
Meanwhile, the Crypto Fear & Greed Index appears to be trending towards “extreme fear”. However, Ki Young Ju thinks that such panic based solely on governments is pointless. “This is only 4% of the total cumulative value realized since 2023,” explains the analyst in this context.
The leading crypto asset must maintain this level for the bull market to continue!
Bitcoin showed a short-term rally by regaining the $56,000 resistance zone. However, crypto analyst Ali Martinez emphasizes that Bitcoin has not yet shown a strong recovery. Martinez states that Bitcoin must close above $61,000 to continue its upward momentum.
Emphasizing that Bitcoin currently lacks strong support and that the asset must hold above this level to revive the upward trend, Martinez said, “Bitcoin currently lacks significant support. (…) In order for the bull market to continue, BTC must close above $ 61,000.” and it needs to maintain this level," he says. IntoTheBlock's analysis shows that $47,000 should be watched as a critical support level. A downward break of this level indicates the risk of further decline.
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