Coinbase Institutional Highlights Bitcoin Sales Impact on Crypto Market
In the report, Coinbase Institutional said that the German government’s Bundeskriminalamt (BKA) began selling seized bitcoin in mid-June, creating supply overhangs and unsettling the market. The BTC originally stemmed from the operators of Movie2k.to, a now-defunct piracy website. Although the daily sales, averaging $85 million, were not large relative to the $10.6 billion daily bitcoin spot volumes, the manner of sellingb put downward pressure on bitcoin prices.