The German government's recent Bitcoin sell-off caused the leading cryptocurrency to fall below $65,000. Over the last two days, the German government deposited a total of approximately 1,700 Bitcoins worth $110 million to three different crypto exchanges: Kraken, Coinbase and Bitstamp. But this is quite small compared to the 43 billion worth of Bitcoin stash the government holds.
HIGHLIGHTS
Germany currently has a $3 billion Bitcoin wallet with $1.1 billion in unrealized profits.
German government sales and Bitcoin #ETFvsBTC outflows have pushed the BTC price below $65,000.
Some big players like #MicroStrategy use this opportunity to buy more Bitcoin. Recently, MS announced that it purchased BTC again.Â
Germany's $3 Billion Bitcoin Assets Are Revealed
The German government has been offloading its Bitcoin holdings in the last two days. According to CryptoQuant CEO Ki Young Ju, Germany seized a total of 50,000 Bitcoins in the last few years and made huge unrealized profits despite recently selling 3,000 BTC.
Germany is currently the fourth largest Bitcoin holder after the US, China and the UK. The US currently owns 213,246 Bitcoins worth $13.7 billion. China, on the other hand, still continues to hold 190,000 despite selling a large stock in 2019 and implementing a Bitcoin ban in 2017.
Recent sales by the German government and massive outflows from spot Bitcoin ETFs are in the background of the current selling pressure, with the BTC price recently falling below $65,000.
Bitcoin Whales Consider Drops
While the German government is selling BTC, other Bitcoin whales are collecting BTC with every dip. On Thursday, June 20, Michael Saylor's MicroStrategy announced that it had purchased another 11,931 Bitcoins with proceeds from $800 million in convertible notes.
On-chain data reveals that a Bitcoin whale purchased more than 6,500 Bitcoins worth $430 million in a single transaction on Thursday.
Although sales are high, buyers are also at the forefront. However, such mass sales may break Bitcoin's strength and bring about further decline. While altcoins have no say at this point, the only crypto asset to watch is BTC itself.
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