{"id":51223,"date":"2024-07-13T01:33:00","date_gmt":"2024-07-13T01:33:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/german-government-offloads-final-bitcoin-holdings"},"modified":"2024-07-13T07:34:23","modified_gmt":"2024-07-13T07:34:23","slug":"german-government-offloads-its-final-bitcoin-holdings","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51223","title":{"rendered":"German government offloads its final Bitcoin holdings"},"content":{"rendered":"

<\/p>\n

Germany\u2019s government offloaded the last of its Bitcoin holdings on July 12, according to data from Arkham Intelligence.<\/p>\n

The final transaction included 3,846 Bitcoin (BTC) sent to \u201cFlow Traders and 139Po,\u201d which Arkham described as \u201clikely institutional deposit\/OTC service.\u201d The transaction followed weeks of increased selling pressure from the German government, which offloaded tens of thousands of Bitcoin in several tranches.<\/p>\n

Most of the 50,000 Bitcoin dumped by the German government over the last three weeks resulted from an asset seizure and was largely responsible for keeping the market below the $60,000 price point and its 200-day exponential moving average.<\/p>\n

\"\"
Source: Arkham Intelligence<\/a><\/em><\/figcaption><\/figure>\n

Institutional selling pressure suppresses the market<\/h2>\n

Despite the German government exhausting their Bitcoin reserves, selling pressure from the $9 billion Mt. Gox reimbursement plan may keep the price of Bitcoin suppressed in the coming weeks and sustain the climate of fear, uncertainty, and doubt that has plagued the market in recent months.<\/p>\n

Analyst Jacob King believes that\u00a0investors seeking windfall profits could sell up to 99% of Mt. Gox\u2019s $8.2 billion. The exchange collapsed in 2014 when the price of Bitcoin was still trading for hundreds of dollars.<\/p>\n

Conversely, IG Markets analyst Tony Sycamore believes the Mt. Gox payments will not have the disastrous effect on markets that many investors anticipate. According to Sycamore, there are too many factors at play to determine the behavior of the Mt. Gox creditors. The analyst predicted that half of the reimbursement supply could hit exchanges sometime this July.<\/p>\n

Still, the analyst was confident the reimbursement was\u00a0already priced into the Bitcoin market. Sycamore told Cointelegraph that news of the reimbursement plan was known by investors for a long time and is not a surprise.<\/p>\n

Institutional investors buy the dip<\/h3>\n

During the heightened selling pressure, institutional investors\u00a0bought the dip. Data from CoinShares revealed that United States exchange-traded funds (ETFs) raked in $295 million in inflows for the week of July 8, reversing several weeks of suppressed inflows into the investment funds.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Germany\u2019s government offloaded the last of its Bitcoin holdings on July 12, according to data from Arkham Intelligence. The final transaction included 3,846 Bitcoin (BTC) sent to \u201cFlow Traders and 139Po,\u201d which Arkham described as … German government offloads its final Bitcoin holdings<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51224,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[3544,143,3812,5652,6959,159,97,6946],"class_list":["post-51223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin-news","tag-btc","tag-cryptonews","tag-emilynews","tag-etfbtc","tag-hyipnews","tag-hyips","tag-tapbots","exalt-entry"],"yoast_head":"\nGerman government offloads its final Bitcoin holdings - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51223\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"German government offloads its final Bitcoin holdings - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Germany\u2019s government offloaded the last of its Bitcoin holdings on July 12, according to data from Arkham Intelligence. 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