Since mid-June 2024, Germany has made a series of Bitcoin transactions that have shaken up the crypto market. Their recent BTC liquidations have already weakened the market. Arkham analytics firm reports that German authorities have transferred a huge amount of Bitcoin to centralized crypto exchanges (CEX).
German authorities continue to dump Bitcoin
On June 21st, 2024, the German government began the massive sale of a Bitcoin stash seized from the operators of a movie piracy website (Movie2k.to, a film piracy site last active in 2013.) The total BTC siezed totals to 50,000.
As reported by the Arkham Intelligence firm, on June 25th, 2024, German authorities first transferred 200 Bitcoin to Coinbase and Kraken, totaling $24.34 million.
Later on, they moved 500 Bitcoin to address 139Po.
Today, the country has moved an additional 250 Bitcoin estimated to be worth $15.42 million. Arkham Intelligence reports that the BTC was moved to Kraken and Bitstamp.
Bitcoin struggles to maintain above the $60K mark
These massive sales come at a time when Bitcoin’s price is struggling to maintain its value above the $60,000 threshold. BTC’s Fear and Greed Index currently sits at 46, accounting for neutral BTC sentiments.
According to CoinGecko, Bitcoin is worth $61,34 at the time of writing. This is 6.3% lower than its value seven days ago. With that price, BTC’s market cap stands at $1.21 Trillion, representing a Bitcoin dominance of 50.62%.
Today, the global crypto market cap is $2.39 Trillion, while Stablecoins’ market cap is $162 Billion.
The reduced positive market sentiment has ushered in speculations of a crypto winter. However, entities like MicroStrategy remain optimistic, having recently purchased $786 million worth of Bitcoin.