Germany’s government has completed the sale of its remaining Bitcoin holdings on July 12, as reported by Arkham Intelligence. The final transaction involved sending 3,846 Bitcoin (BTC) to “Flow Traders and 139Po,” identified by Arkham as a probable institutional deposit or over-the-counter service. This sale comes after a period of increased selling pressure from the German government, who had previously sold tens of thousands of Bitcoin in multiple transactions.
The majority of the 50,000 Bitcoin sold by the German government over the past three weeks were seized assets, significantly impacting the market by keeping it below the $60,000 price level and its 200-day moving average.
Despite the exhaustion of Germany’s Bitcoin reserves, the market may still face downward pressure due to the $9 billion Mt. Gox reimbursement plan. Analysts suggest that investors may sell up to 99% of the $8.2 billion from Mt. Gox, which collapsed in 2014 during a time when Bitcoin was valued at a much lower price.
While some experts believe that the Mt. Gox payments could negatively impact the market, others like IG Markets analyst Tony Sycamore are less pessimistic. Sycamore argues that the market has already factored in the reimbursement plan and that its effects may not be as severe as anticipated.
Institutional investors have taken advantage of the market dip during this period of heightened selling pressure. CoinShares data shows that U.S. exchange-traded funds (ETFs) experienced a significant influx of $295 million in the week of July 8, reversing a trend of subdued inflows into investment funds.
In the midst of these market fluctuations, NFT Creator, The Sarah Show, explores the intersection of analog childhood nostalgia with the rapidly evolving digital landscape.