Quick
Take

Bitcoin’s
price
has
dropped
below
$58,000,
marking
its
lowest
level
since
May
1,
when
it
traded
around
$56,500.
This
decline
is
driven
by
continued
selling
pressure,
most
notably
from
the

German
government,
which
has
offloaded
an
additional
3,000
BTC.

Data
from

Arkham
Intelligence
shows
significant
movements,
including
1,300
BTC
being
transferred
to
major
exchanges:
400
BTC
(worth
$23.24
million)
to
Coinbase,
400
BTC
(worth
$23.24
million)
to
Kraken,
and
500
BTC
(worth
$29.05
million)
to
Bitstamp.
Additionally,
1,700
BTC,
valued
at
$98.76
million,
were
sent
to
an
external
address.

 

Glassnode
data
shows
that
the
German
government
now
holds
a
balance
of
40,358
BTC,
currently
worth
approximately
$2.3
billion.
This
substantial
reduction
in
their
holdings
has
contributed
to
the
downward
pressure
on
Bitcoin’s
market
price.
Investors
are
closely
monitoring
these
developments
as
the
market
responds
to
the
increased
supply
and
the
potential
for
further
sales
by
large
holders.