👍👍Government sales are not as big as thought for Bitcoin👍👍

Recent governments' sales of Bitcoin (BTC) have had a negative impact on the cryptocurrency market.

BTC gained a lot of momentum with the bull market that started with spot Bitcoin ETFs, but it has been going through a rough patch in recent weeks. BTC, which reached its all-time high in March, created an environment of fear and panic in July.

The German government regularly sells BTC and Mt. Gox's BTC transfers are among the reasons behind the decline. CryptoQuant founder Ki Young Ju stated that governments' BTC selling volumes are a drop in the ocean in this bull market.

Does not pose a major threat to Bitcoin

Ki Young Ju, founder and CEO of CryptoQuant, discussed the latest agenda by evaluating the course of Bitcoin (BTC) on the X platform on July 5. Ki Young Ju argued that the power of BTC sales by states to influence the market is exaggerated. Emphasizing that governments' BTC sales are quite low compared to current money inflows, Ju warned investors not to react suddenly to such news.

Stating that governments' BTC sales are exaggerated, Ki Young Ju said: “Since 2023, 224 billion dollars have flowed into this market. "The BTC seized by the state corresponds to only 4% of the total realized," he said.

The founder of CryptoQuant stated that these sales, which created panic in the market, amounted to only 4% of the total cumulative value.

BTCs held by Germany and the USA continue to cause concern for crypto investors. According to Arkham's data, Germany still holds 41,200 BTC and continues to sell regularly.