❤️🔥 Debunking the $23B+ Bitcoin Sell-Off Myth 🚨
Recently, a frenzy has erupted on Twitter, claiming that over $23 billion worth of Bitcoin is being sold. However, this is not true. Let’s dive into the details to understand why this rumor has spread and why it's unfounded.
Three major entities are at the center of this speculation:
1. US Government ($2.3B)
2. German Government ($12.7B)
3. Mt. Gox Distribution ($8.1B)
These entities collectively hold around $23 billion worth of Bitcoin. But here's the catch: they are not selling it.
US Government 📌
On June 26th, @Arkham reported that the US Government transferred Bitcoin worth $240 million to Coinbase. This sparked headlines suggesting that the US Government was selling its Bitcoin. However, this transfer only accounted for 1.87% of their holdings. The US Government still retains 214,000 Bitcoin, valued at approximately $12.85 billion. The transfer was likely routine or strategic, rather than an indication of a massive sell-off.
German Government 📌
Details on the German Government's holdings and actions regarding Bitcoin are less publicized, but no significant moves have been reported to suggest they are offloading their Bitcoin reserves.
Mt. Gox Distribution 📌
The Mt. Gox bankruptcy trustee is responsible for distributing Bitcoin to creditors. While the distribution process has been slow and complex, there is no indication of a sudden large-scale sale. The $8.1 billion worth of Bitcoin held is being gradually allocated to creditors, not dumped on the market.
Conclusion
The alarmist claims about a $23B+ Bitcoin sell-off are unfounded. While movements of Bitcoin by these entities might occur, they are not indicative of a market-dumping spree. It's essential to look beyond sensational headlines and understand the broader context. For now, the substantial Bitcoin holdings of these entities remain largely intact.
#BITCOIN #US_Job_Market_Slowdown #MtGoxJulyRepayments #ETH_ETFs_Approval_Predictions #BULLRUN