After a one month period of increase Selling pressureThe German government has nearly exhausted its bitcoin hoard, selling more than 90% of its confiscated btc in January in the country's largest bitcoin seizure, worth more than $2.1 billion.
With less than $300 million worth of btc remaining, this signals the end of a significant sell-off period, with expectations of further price appreciation for the market’s largest cryptocurrency.
9.9% of seized btc remains
x.com/ArkhamIntel/status/1811376763554902085″ target=”_blank” rel=”nofollow”>Data on chain Market intelligence firm Arkham reveals German government selling activity on Thursday, showing that the German police wallet initially sold 2,375 btc ($137.87 million) to exchanges including Kraken, Bitstamp and Coinbase.
An additional 3,250 btc ($191.02 million) was subsequently sent to exchanges for sale and over-the-counter (OTC) trading, the data showed.
The German government recently transferred 5,000 btc ($286.44 million) to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu. They have now transferred 10,627 btc ($615.33 million) to market makers and exchanges only on Thursday.
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With only 4,925 btc remaining, Arkham data shows that the German government currently holds 9.9% of the original 50,000 btc seized from Movie2k in January, worth just over $284 million at the current btc price of $57,000.
Movie2k, a movie streaming website, has been found guilty of money laundering and other illegal activities by the state of Saxony in Germany.
Our sister site Bitcoinist bitcoin/” target=”_blank” rel=”nofollow”>reported On Wednesday, Dr. Lennart Ante, co-founder of the Germany-based blockchain research lab, said that the Saxon government is obliged to sell the confiscated bitcoins according to standard procedure, even though lawmakers such as Joana Cotar have urged The country's legislative chamber will retain the seized btc.
However, Dr. Ante further clarified that the Saxony public prosecutor's office is responsible for liquidating the confiscated btc assets according to “standard procedure.”
bitcoin Price Analysis
Currently trading above $57,400, the good news is that btc price has consolidated. above this level for the past few days, indicating a sense of stability in the market ahead of a possible renewed bullish move to address key resistance levels.
This is in stark contrast to last week’s price action, when bitcoin experienced violent price swings in both directions due to selling pressure from the German government and uncertainty surrounding payments from the defunct exchange. Mount Gox flooded the market.
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In the short term, the bitcoin price will have to face the resistance wall at $58,200, which has proven to be a tough nut to crack for the The largest cryptocurrency in the market for the last 6 days, failing to break through this level and then testing the $60,200 obstacle.
Ultimately, it remains to be seen when the German government will end its bitcoin sell-off and deplete its entire bitcoin hoard and how the btc price will react as the daily selling pressure experienced over the past month subsides.
Featured image of DALL-E, chart from TradingView.com
