Over the past month, the crypto industry’s airwaves have been filled with reports of the German government selling off large amounts of bitcoin. These sales have negatively affected the price of bitcoin, as well as the cryptocurrency market at large, causing the entire market to tank. However, while the German government has been the most prominent seller during this time, it is not the only entity that has been dumping its bitcoin holdings.
Genesis Trading begins selling $2 billion worth of bitcoins
Amid the massive bitcoin sales by the German government, other entities selling btc have been relegated to the background, but not for long. One of them is Genesis Trading, which filed for bankruptcy in New York in January 2023.
Following a ruling in May 2024, when the court ordered Genesis Trading to return funds to its clients, the entity appears to have begun the first stages of returning these funds to its clients. Some of these clients are receiving payment in cash and others in cryptocurrencies.
In an interview with x (formerly twitter), cryptocurrency trader @0xGumshoe revealed that the entity began selling btc from its massive $2 billion bitcoin stash. According to data According to on-chain analytics platform Arkham Intelligence, the entity has sold a significant amount of bitcoin over the past month.
<blockquote class="twitter-tweet”>
Are you serious
I can't believe Genesis is now selling its $2 billion worth of bitcoin
We're not even done with Germany, for God's sake. photo.twitter.com/GhW3uUjYjV
— detective (@0xGumshoe) twitter.com/0xGumshoe/status/1811451969535639760?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>July 11, 2024
Looking at the history, Genesis Trading has made a total of six bitcoin transactions in the month of June, all of them directed to the Coinbase exchange. On June 12, 2024, the bankrupt company sent 756,282 btc to Coinbase, worth $52.93 million at the time.
On June 13, 2024, he sent 670.5 btc worth $45.8 million to the cryptocurrency exchange. The next transaction took place a day later on June 14, 2024, with 1,209.1 btc worth $81.16 million arriving on the exchange.
The fourth notable transaction occurred on June 18, 2024, when the Genesis Trading wallet sent 1,496.2689 btc to the cryptocurrency exchange Coinbase, worth $97.15 million at the time. Two days later, on June 20, 2024, Genesis Trading sent another 811 btc to the Coinbase exchange, worth $52.82 million at the time.
Last but not least, there was the transaction on June 21, 2024, which brought 2,131,268 btc to the Coinbase exchange, worth $136.79 million. This was the largest single transaction made by the entity to the exchange, and there have been no other bitcoin transactions since then.
In total, Genesis Trading sold 7,074.4189 btc, bringing the total dollar value to $466.65 million. While this volume is much smaller than the German government’s sales, it is still significant and has contributed to the selling pressure felt by the pioneering cryptocurrency.
The German government is running out of btc
The German government's cryptocurrency sale may be coming to an end after a particularly scary run on the market. At the start, the German government was holding a total of 50,000 btc, which was confiscated from the operators of the piracy website Movie2k.
However, with the incessant selling, the stock has been quickly depleted, with over 40,000 btc sold so far. At the time of writing, the German government had less than 5,000 btc left. This is good news for the market as the selling is expected to slow down once the dumping ends.
Featured image created with Dall.E, chart from Tradingview.com
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