Here’s A Look Inside Germany’s Billion-Dollar Bitcoin Holdings And Why It Has Been Selling | Bitcoinist.com



For
a
while
now,
the


German
government


has
been
reported
to
be
offloading
its
Bitcoin
holdings,
thereby
adding


significant
selling
pressure


on
the
flagship
crypto.
On-chain
data
shows
that
they
still
hold
a
significant
amount
of
BTC,
which
they
have
no
option
but
to
sell.

How
Much
Bitcoin
The
German
Government
Holds


Data


from
the
on-chain
analytics
platform


Arkham
Intelligence


shows
that
the
German
government
still
holds
almost
24,000
BTC
($1.42
billion).
Further
data
shows
they
are
still
looking
to
offload
more
of
their
holdings,
as
they
have
transferred
over
1,100
BTC
in
the
last
24
hours
to
crypto
exchanges
and
market
makers.
Specifically,
the
German
government
transferred
over
800
BTC
to
the

How To Get Free Crypto  


crypto
exchange
Kraken
.


However,
while
the
German
government’s
actions
have
undeniably
negatively
impacted
the
market,
a
recent


report


by
Coindesk
shows
that
they
have
no
other
option
but
to
offload
these
BTC
holdings.
These
bitcoins
formed
part
of
the
nearly
50,000
BTC
seized
from
the
operator
of
the


pirated
movie
website
Movie2k


earlier
this
year. 


Interestingly,
a
particular
state
in
Germany,
Saxony,
found
the
movie
website
guilty
of
money
laundering
and
other
illegal
activities.
Dr
Lennart
Ante,
co-founder
and
CEO
of
German-based
Blockchain
Research
Lab,
explained
to
Coindesk
that
the
Saxony
government
must
sell
these
bitcoins
per
standard
procedure. 


Lennart
mentioned
that
the
general
prosecutor’s
office
of
Saxony
is
usually
responsible
for
liquidating
confiscated
assets,
and
they
are
mandated
to
liquidate
them
within
a
certain
period.
He
further
remarked
that
the
reason
why
the
police
agency
and
not
Saxony
itself
is
initiating
these
sales
is
probably
because
they
were
involved
in
the
initial
investigation
and
are
more
familiar
with
moving
and
offloading
such
a


large
amount
of
bitcoin
.
However,
it
has
become
clear
that
the
police
agency
is
simply
acting
under
the
instructions
from
Saxony.  

Coinbase Banner  

Institutional
Investors
Buy
The
Bitcoin
Dip
For
The
Third
Consecutive
Day


While
the
German
government
has
continued
offloading
their
Bitcoin
holdings,


institutional
investors


have
seen
this
as
a
buying
opportunity
to
accumulate
more.
Data
from
Farside
investors
shows
that
the


Spot
Bitcoin
ETFs


recorded
their
third
consecutive
day
of
net
inflows
on
July
9. 


These
funds
witnessed
a
total
net
flow
of
$216.4
million.
They
had
recorded
net
inflows
of
$294.8
million
and
$143.1
million
on
July
8
and
5,
respectively.
This
represents
a
turnaround
for
these


Spot
Bitcoin
ETFs
,
considering
that
they
were
experiencing
mixed
flows
before
now.
This
suggests
that
institutional
investors
were
undecided
about
whether
or
not
to
commit
to
buying
more
Bitcoin. 


However,
BTC’s
recent
dip
seemed
to
have
presented
an
opportunity
these
institutional
investors
could
not
pass
on.
Their
actions
have
positively
impacted
the
flagship
crypto’s
price
with


Bitcoin
almost
at
$60,000
again


At
the
time
of
writing,
Bitcoin
is
trading
at
around
$59,000,
up
over
3%
in
the
last
24
hours,
according
to

FreeBitcoin Banner  


data


from
CoinMarketCap. 

BTC
price
drops
below
$58,000
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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