The German government wallet has recently moved overall 8853.5 BTC, worth nearly $520.17 million, to multiple crypto exchanges. Despite this large transfer, Bitcoin’s price remained steady at around $58,500, reflecting a 2% increase in the last 24 hours. Shocker, right?
Dive deeper to find out how this government action might impact the future of Bitcoin.
Is a Sell-Off Coming?
These significant transactions have sparked concerns in the crypto community, suggesting that more sell-offs might be imminent.
Arkham Investment reported that the German government moved 8,853.5 BTC in total to several well-known exchanges and institutional deposit services. The recipients included Kraken, Cumberland, Flow Traders, Coinbase, and an address identified as bc1qu, likely linked to an institutional deposit or over-the-counter (OTC) service.
Interestingly, after these large-scale transfers, the German government received 1,118 BTC, worth approximately $64.71 million, from various exchanges, including Kraken, Bitstamp, and Coinbase.
This indicates that while the government is offloading a substantial amount of Bitcoin, it is also receiving significant amounts back from the market.
Evaluating the Holdings
Currently, the German government holds a significant amount of Bitcoin, totaling 15,110 BTC, valued at around $883.7 million. However, this is less than the original amount seized from the Movie2k case. Despite recent sell-offs, this figure underscores the substantial stake the government still maintains in the cryptocurrency market.
Bitcoin Technical Analysis
From a technical perspective, the daily chart shows Bitcoin remains above the 50-day and 100-day EMAs, signaling a bullish trend. Key resistance levels at $60,000, $62,500, and $63,200 could further boost bullish sentiment if breached, potentially pushing BTC toward $65,000.
The Average Directional Index (ADX) stands at 41.10, indicating a strong trend, while the Fear & Greed Index (FGI) is at 40, reflecting prevailing investor caution. Despite fears, there is cautious optimism among investors regarding Bitcoin’s future movements.
With Bitcoin’s future still uncertain, is it time to adjust your crypto strategy?