Bitcoin ETF

Bitcoin

when

Arkham

In recent weeks, German authorities have stepped up the <a href="https://www.newsbtc.com/news/bitcoin/german-bitcoin-rapid-selling/" target="_blank" rel="noopener ">sale </a>of significant amounts of Bitcoin (BTC), resulting in increased selling pressure on the world’s largest cryptocurrency, which has fallen over 20% in the past month.&nbsp; 
<h2 id="bitcoin-reserves-on-the-brink-of-exhaustion">Bitcoin Reserves On The Brink Of Exhaustion</h2> 
The selling spree began last month when the German government initiated the sale of seized Bitcoin from a wallet operated by the country’s Federal Criminal Police Office, commonly known as the Bundeskriminalamt (BKA).&nbsp; 
The BKA sold 900 BTC in June valued at around $52 million at the time, which were part of a<a href="https://www.newsbtc.com/bitcoin-news/german-parliament-member-urges-government-to-cease-selling-bitcoin/" target="_blank" rel="noopener "> massive haul seized</a> from a now-defunct movie piracy website. Subsequently, the government sold an additional 3,000 BTC worth approximately $172 million, followed by another sale of 2,739 BTC, equivalent to $155 million this week. 
Adding to these figures, the latest <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">data </a>from blockchain analytics firm Arkham reveals that the German government’s wallet sold over 5,000 BTC on Wednesday, leaving just 15,552 BTC in its stash worth around $892 million, representing a sell-off of more than 80% of their entire stash of 50,000 BTC seized.&nbsp; 
<img loading="lazy" decoding="async" class="size-large wp-image-629111" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=860&amp;resize=860%2C247" alt="Bitcoin " width="860" height="247" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=941 941w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=860&amp;resize=860%2C247 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_273.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
<h2 id="price-remains-steady-as-blackrock-steps-in">Price Remains Steady As BlackRock Steps In</h2> 
Despite the significant <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-sales-us-german-govts-fud-bullish-experts/" target="_blank" rel="noopener ">sell-off</a>, Bitcoin has managed to maintain its price above the crucial 6-month support level of $50,000, signaling resilience in the face of the massive selling pressure witnessed in the market over the past 30 days.&nbsp; 
Furthermore, the recent pullback from all-time high levels has been viewed by many investors, including institutional asset managers, as a buying opportunity, contributing to the slight <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-selloff-german-govt-another-67-million/" target="_blank" rel="noopener ">recovery </a>in Bitcoin prices over the past few days.&nbsp;Akrham even stated in a <a href="https://x.com/ArkhamIntel/status/1811064906193486264" target="_blank" rel="noopener nofollow">social media post</a>, “The German government is selling, but Blackrock is buying.&nbsp; 
Recent <a href="https://x.com/solidintel_x/status/1811049337717223608" target="_blank" rel="noopener nofollow">data </a>shows that on Wednesday, the Bitcoin ETF market activity has seen a net addition of 4,862 BTC valued at $281 million, mitigating the impact of the daily sell-off by the German authorities.&nbsp; 
BlackRock for instance, one of the largest ETF issuer by assets under management,&nbsp; increased its BTC holdings today by 2,095 BTC (worth $121.16 million), bringing its total holdings to 312,565 BTC worth $18.08 billion, playing a significant role in stabilizing and supporting the Bitcoin price.&nbsp; 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/MCjSu6a2/" alt="Bitcoin" width="1814" height="858"> 
At the time of writing, the largest cryptocurrency on the market is trading at $57,430, almost unchanged from Tuesday’s price with a slight drop of 0.4% in the last 24 hours. Nevertheless, BTC still records a price drop of over 22% from its all-time high of $73,700 reached in mid-March.&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

German Government Unloads 80% Of Bitcoin Holdings, Leaving Only $890M Behind

Table of Contents

NewsBTC

Other articles published on Jul 11, 2024

European Central Bank Explores Blockchain for Digital Currency with Successful Liquidity Matching...

Earn Free Tokens: Airdrop Guide

Chainalysis: Nearly $100b of ‘dirty crypto’ sent to exchanges since 2019

BTC Experiences Swift Reversal

Burn Rate Shiba Inu (SHIB) Melejit 347 Persen dalam Sehari

Top 5 Airdrops for Quick Tokens

Join our free newsletter for daily crypto updates!