ChainCatcher reported that according to Cointelegraph, some analysts believe that the German government's massive selling of Bitcoin is the reason for the downturn in the cryptocurrency market. In addition, traders are worried that the stock market may have peaked and the US fiscal situation is weakening.
Previously, on-chain crypto analysis company Arkham monitored that a wallet associated with the German government transferred 6,500 BTC to the exchange on June 19, worth $425 million at the time. The wallet held nearly 50,000 BTC, allegedly seized from the pirated movie website Movie2k, which operated in 2013. Data showed that these BTC were sent to Kraken, Bitstamp and Coinbase.
However, the selling pressure was offset by MicroStrategy’s buying, as the company disclosed the purchase of an additional 11,931 BTC for $786 million.
