In what is being hailed as a significant victory for the bitcoin market, the German government has officially depleted its bitcoin reserves after having 50,000 btc in its wallet just a few months ago.
bitcoin Wallet Now Empty After Massive Sell-Off
x.com/ArkhamIntel/status/1811831807282958723″ rel=”nofollow”>Data A report from market intelligence firm Arkham shows that the German government recently transferred the remainder of its 3,846.05 btc stash worth around $223 million to Flow Traders and 139Po, likely for over-the-counter (OTC) services.
As a result, the Arkham platform x.com/ArkhamIntel/status/1811831807282958723″ target=”_blank” rel=”nofollow”>reveals that the government wallet is now empty, with zero btc remaining, as seen in the image below.
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Interestingly, data researcher Jay analyzed the sales activities of the German government and x.com/0xjaypeg/status/1811835813669535812″ target=”_blank” rel=”nofollow”>found that Germany sold a staggering 42,000 btc in just one week, averaging 250 btc per hour for 168 hours.
Earlier this year, German police made headlines when they seized 50,000 bitcoins worth $2.17 billion in the country's largest cryptocurrency seizure.
He bitcoin-most-extensive-action-ever-2024-01-30/” target=”_blank” rel=”nofollow”>seizure It happened in January, and the Bitcoins were stolen after the suspects voluntarily transferred the funds to official wallets provided by the BKA (Bundeskriminalamt), Germany's Federal Criminal Police Office.
This constant selling pressure from the German government was known to contribute to the significant 25% price pullback experienced by the largest cryptocurrency, resulting in a low of $53,500 not seen since February.
Selling pressure, support levels and investor confidence
Cryptocurrency Analyst SkewA x.com/52kskew/status/1811833082984702231″ target=”_blank” rel=”nofollow”>commented Regarding this recent development, we note that going forward, market observers will closely monitor the passive flow of bitcoin, particularly for signs of a reduced supply.
According to the analyst, this will serve as an indicator to determine whether the market has effectively absorbed the recent selling pressure and highlighted the $60,000 level as the current supply zone of the market, with the potential for a retest of this crucial level.
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On the other hand, market expert Dann crypto Trades x.com/DaanCrypto/status/1811762687811994004″ target=”_blank” rel=”nofollow”>grades that bitcoin is currently attempting to regain support from the May lows.
Price action has been volatile in this range, and Dann believes that a true reversal on a higher time frame will only occur once the “green zone” above $59,000 is successfully reclaimed. The analyst sees the $56,500 level as crucial support for btc’s bullish momentum in the short to medium term.
Meanwhile, cryptocurrency analyst Ali Martinez has x.com/ali_charts/status/1811418952255623633″ target=”_blank” rel=”nofollow”>identified bullish sentiment around bitcoin’s prospects, noting that the Accumulation Trend Score indicates a shift in investor sentiment after a prolonged distribution phase since April.
At the time of writing, btc is trading at $57,600, remaining in its trading range between this level and the $59,000 zone for the past two days.
Featured image of DALL-E, chart from TradingView.com
