0 sats \ 0 replies \ @Bell_curve 12 Jul \ parent \ on: Germany's Bitcoin Sell-Off Almost Over bitcoin
TODAY: German Government selling up to 2700 BTC ($154.60M)
In the past hour, the German Government has sent 2700 BTC ($154.60M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday’s movements, the German Government received 4169 BTC ($239.62M) back from exchange addresses including Kraken, Bitstamp and Coinbase, and 500 BTC this morning. This is likely unsold BTC.
They now have 6894 BTC ($394.50M) remaining - that’s 13.8% of the Bitcoin originally seized from Movie2k.
……….
THE GERMAN GOVERNMENT 🇩🇪 AND #BTC MANIPULATION
These on-chain activities raise several questions:
  1. Why move directly to CEX and sell on the spot market instead of OTC?
•Typically, organizations sell via OTC to avoid causing panic and creating a negative market impression. However, the German government chose to move directly to CEX, causing market panic and significant volatility.
  1. Why withdraw BTC after moving to CEX?
•Interestingly, they also withdrew BTC from CEX after causing market turbulence, often following a price drop. This might indicate a realization that spot selling was not a good idea, prompting a shift to OTC sales. This seems plausible given the transfer of funds to Flow Traders and Cumberland, which usually handle OTC deals. •However, the continued movement of funds to and from CEX suggests either an intent to create market panic or internal operational disorganization within the German government's departments handling the sell-off.
  1. Why did the price drop so significantly given the relatively small sell-off compared to BTC's daily volume?
•The daily volume of BTC is around $36 billion, making the German government's sell-off comparatively small. The significant price drop is likely due to the psychological impact of on-chain movements on traders. •Frequent news reports about the German government moving BTC to CEX contributed to market anxiety. Market makers might also be driving the price based on these news reports.
In conclusion, we believe this is a one-off event that will not affect the overall bullish trend of BTC in 2024. According to our latest AI model, we still predict that BTC will reach $100,000 by the end of this year, and such fluctuations are merely temporary
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