Germany sells 50 000 BTC worth $3 billion?

[Lucius]

Yesterday there was news that Germany started selling BTC that it seized from illegal activities (movie piracy website). It seems that this news has already affected the price of BTC, and in addition, the last 5 days have seen an outflow of about $900 billion from spot BTC ETFs.

Things like this usually have a negative impact on the crypto market, especially at this time of year when many people are selling a lot more than they are buying. I wonder if we can expect the price to go below $60k again?

Read more -> Germany Begins Selling Its Bitcoin Billions, Triggering Volatility Fears

[Faisal2202]

I was not aware of this news before and It really poses a great impact to the market volatility. I have been hearing the news that ETFs like Grayscal and some others did not update their holding information yet and the claims are there is the big outflow from these ETFs like you aforementioned. This is not a good thing though what most matters is maybe they are going to convert these amount into ETH as we also know ETH ETFs trading is also going to be started.

Overall, Its not a good thing that they planned to sell all of these BTC in such market condition as they should have done it via OTC or some other source to minimize the impact of its on the market. I hope market won't go below $60k again but if it do then I might buy some alts not BTC but maybe alts. And maybe I buy BTC as well. What would you do?

[pmbug]

I was not aware of this news before  ...

A crypto wallet labeled “German Government (BKA)” by the crypto onchain analytics firm Arkham started moving Bitcoin on June 19, sparking curiosity among the community. The wallet movements have led many to believe the German government is selling its BTC holdings.

According to Arkham data, the crypto wallet has held nearly 50,000 Bitcoin (BTC) since February 2024, before moving nearly 6,500 BTC on June 19. ...

More:

https://cointelegraph.com/news/germany-btc-sell-arkham-wallet

AFAIK, actual selling has not been confirmed.

[Stompix]

Moving coins to an exchange or a custodian service doesn't mean they have sold it yet, which actually makes things worse if this is just a panic sell without any additional market order pressure really applied.

Rather than those troublesome 50 000 BTC (which is definitely not peanuts, it's about 100 days of mining revenue so,), I'm a bit more concerned with the fomo or the hype losing steam in ETFs, 825k coins in March 20 and just 871k coins in June 20, 46k coins in three months will all the advertising no bad news no nothing, the most positive atmosphere we could envision especially with the talks about rate cuts.

[Lucius]

~snip~
I hope market won't go below $60k again but if it do then I might buy some alts not BTC but maybe alts. And maybe I buy BTC as well. What would you do?

I won't do anything at all, because I'm not interested in alts, and on the other hand, I've been with BTC too long for it to cause me panic. For some others who are always looking for their chance to buy cheap, situations like this can always provide a good opportunity, and why not take advantage of what is offered?

~snip~

It seems that the craze around ETFs has calmed down a bit, but it seems logical to me considering the time of year. Investors who buy in this way are motivated exclusively by profit, and those who bought in the days/weeks after approval are certainly satisfied with the profit they made.

As for the 50 000 BTC that are in the possession of the German government, there is no logic in moving them to CEXs if they don't want to sell them - although logic is not something that adorns politicians and those who serve them.

[Faisal2202]

More:
-cut-
AFAIK, actual selling has not been confirmed.

Thanks for the information, I also can't confirm if the BTC has been sold or not, but if they have been moved in Kraken and Bitstamp exchanges then the chances of them being sold are 99%. As otherwise they won't be moved there. Maybe they already have sold it or maybe are waiting for a better chance to sell them.

One thing I would like to say, in the Cointelegraph they said, the funds were moved into two exchanges (Kraken and Bitstamp) while in the tweet the OP has quoted above, said, the funds were probably deposited on the Coinbase exchange. Why cointelegraph did not mention Coinbase here? It's really confusing. We should check things by ourselves next time, as I also find a mistake on arkhams data when they said someone mistakenly sent BTC to Satoshi address and made the value 100.4 while it was 100.04. +1 for you.

[electronicash]

well if they move it to the exchange then its there for such purpose. 

they exclude binance among the exchange to send. if this is an individual, he  gotta be the worse trader of all in sending to the exchange that has less volume, which the reason for sending the to 3 exchanges. 50 000 BTC is going to scare holders if its sent to binance and all the traders gets ti signal that a huge amount of coins coming in.

[God Of Thunder]

Things like this usually have a negative impact on the crypto market, especially at this time of year when many people are selling a lot more than they are buying. I wonder if we can expect the price to go below $60k again?

Well, the spot ETF market is already affecting the market a lot, as I believe the current market is moving with the ETF market's inflow or outflow. It's pretty much moving with the ETF market. But if negative news like this one gets published, of course, it will affect the market as well and we are already seeing the movement. But I am not worried about Germany selling their Bitcoins. I am worried about the Spot ETF market as Bitcoin market is started to rely on the ETF market movement. It's getting more centralized because of the ETF market. Let's see if we break the 60K support again.

[Stompix]

they exclude binance among the exchange to send. if this is an individual, he  gotta be the worse trader of all in sending to the exchange that has less volume, which the reason for sending the to 3 exchanges.

You never actually think twice before saying something and labeling others as stupid without bothering to check why, do you?

Binance has no license to operate in Germany
https://www.coindesk.com/policy/2023/06/29/binance-crypto-custody-license-application-denied-by-german-regulator-bafin-report/
How do you expect a government agency to send money to an exchange that has been banned from operating in Germany?

[electronicash]

they exclude binance among the exchange to send. if this is an individual, he  gotta be the worse trader of all in sending to the exchange that has less volume, which the reason for sending the to 3 exchanges.

You never actually think twice before saying something and labeling others as stupid without bothering to check why, do you?

oh no. i said "IF this is an individual".  its my first tongue but i did learn from Jared Bernstein. hes a cool guy. confident too and not easily carried away.

Things like this usually have a negative impact on the crypto market, especially at this time of year when many people are selling a lot more than they are buying. I wonder if we can expect the price to go below $60k again?

Well, the spot ETF market is already affecting the market a lot, as I believe the current market is moving with the ETF market's inflow or outflow. It's pretty much moving with the ETF market. But if negative news like this one gets published, of course, it will affect the market as well and we are already seeing the movement. But I am not worried about Germany selling their Bitcoins. I am worried about the Spot ETF market as Bitcoin market is started to rely on the ETF market movement. It's getting more centralized because of the ETF market. Let's see if we break the 60K support again.

and it looks very coordinated since MtGox is also distributing their coins. its due though so the price will really dump the sooner the better for the market's momentum when it bounces back.

its an amazing story especially when a crook voluntarily send coins they earn from subscription and advertising while BTC at that time is not widely adopted.

[pakhitheboss]

Mt. Gox to Begin Repayments in July; BTC Slides Under $61K. Well! Bitcoin has shown some recovery today and is now trading above $61k. Next month when the repayment starts we may see Bitcoin going below $59k. Mt. Gox is supposed to return 140,000  and if it does then those who will receive them will not hold as most of them will sell them in the current market price.

[Lucius]

~snip~
Mt. Gox is supposed to return 140,000  and if it does then those who will receive them will not hold as most of them will sell them in the current market price.

Those who were looking for cash as a payment allegedly already received it, so those who are waiting for BTC/BCH probably have a reason to keep their coins at least for a while. In addition, it seems to me that the payments will last for months and that it will not be possible to create pressure on the market.

What causes far more damage is the news, which by itself carries a bad vibe and obviously has an effect on the price in combination with other bad news.

[Stompix]

Those who were looking for cash as a payment allegedly already received it, so those who are waiting for BTC/BCH probably have a reason to keep their coins at least for a while. In addition, it seems to me that the payments will last for months and that it will not be possible to create pressure on the market.

The ones that held coins on MtGox had no choice, the reimbursement plan voted had no option to award you the value in fiat, the guys that held any kind of fiat on MtGox at the time of the crash were paid in yen, the ones that had coins will get a mix of BTC/BCH and yen, so nobody can be sure what they will do, after all, it's money that has been looked for a decade, it's a bit long even for the diehard hodlers.

[TomPluz]

Things like this usually have a negative impact on the crypto market, especially at this time of year when many people are selling a lot more than they are buying. I wonder if we can expect the price to go below $60k again?

As I am seeing it, there is a big possibility for Bitcoin to go below $60K and even march towards $55K if there can be no plugged done to stop the selling pressures from different sources. This is just how the market is working...when there are big holders selling their BTC the price has the tendency to react and go down accordingly. Nothing surprising in there. Now, all we can do is HODL and just WAIT all because BTC will eventually return to where it should be...and we will even be surprised that it is already approaching $100K...but this can happen maybe months from now if not in the 2nd quarter of 2025.

[pakhitheboss]

What causes far more damage is the news, which by itself carries a bad vibe and obviously has an effect on the price in combination with other bad news.

Another news that might not help the current Bitcoin price is coming from the US. U.S. government sends 3,940 Bitcoin to Coinbase exchange. There is a few that the government might sell these Bitcoins. I have not seen the market react to the news sharply. Inam assuming that the price of Bitcoin will hold onto its current position.