In recent weeks, German authorities have stepped up their measures. sale Large amounts of Bitcoin (BTC) have fallen, adding to selling pressure on the world’s largest cryptocurrency, which has fallen more than 20% in the past month.
Bitcoin reserves are about to run out
The selloff began last month when the German government began selling bitcoins seized from a wallet run by the country’s Federal Criminal Police Office, known as the Bundeskriminalamt (BKA).
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BKA sold 900 BTC in June, worth around $52 million at the time, which was part of Seizing a large quantity of drugs From a now-defunct movie piracy website. The government then sold an additional 3,000 bitcoins worth about $172 million, followed by another sale of 2,739 bitcoins, worth $155 million, this week.
In addition to these figures, the latest Data Blockchain analytics firm Arkham revealed that the German government’s wallet sold more than 5,000 BTC on Wednesday, leaving only 15,552 BTC in its inventory worth about $892 million, representing the sale of more than 80% of its entire 50,000 BTC inventory that was seized.
Price Holds Steady as BlackRock Intervenes
Despite the importance of WholesaleBitcoin has managed to hold its price above the crucial 6-month support level at $50,000, indicating resilience in the face of the massive selling pressure the market has seen over the past 30 days.
Moreover, many investors, including institutional asset managers, viewed the recent pullback from all-time highs as a buying opportunity, contributing to a slight decline. Recovery In Bitcoin prices over the past few days. Even Akram mentioned in Posted on social mediaThe German government is selling, but BlackRock is buying.
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Recently Data Data from the German Bitcoin Company showed that the activity of the exchange-traded fund market on Wednesday saw a net addition of 4,862 bitcoins worth $281 million, which mitigated the impact of daily selling operations by German authorities.
For example, BlackRock, one of the largest ETF companies by assets under management, increased its Bitcoin holdings today by 2,095 Bitcoins (worth $121.16 million), bringing its total holdings to 312,565 Bitcoins worth $18.08 billion, playing an important role in stabilizing and supporting the Bitcoin price.
At the time of writing, the largest cryptocurrency on the market is trading at $57,430, almost unchanged from Tuesday’s price and down a slight 0.4% in the last 24 hours. However, Bitcoin’s price is still down more than 22% from its all-time high of $73,700 reached in mid-March.
Featured image by DALL-E, chart by TradingView.com
