The German government has divested its last Bitcoin holdings
According to data obtained by Arkham Intelligence, the German government finally unloaded its Bitcoin holdings on July 12.
The last transaction involved 3,846 bitcoins (BTC) sent to “Flow Traders and 139Po,” which Arkham says may be an “institutional depository/OTC service.” The trading followed weeks of increased selling pressure, with the German government offloading tens of thousands of bitcoins in several installments.
Most of the 50,000 bitcoins dumped by the German government over the past three weeks were caused by asset seizures, which were responsible for keeping the market below the $60,000 price point and the 200-day exponential moving average.
Institutional selling pressure stifles the market.
Although the German government has depleted its Bitcoin reserves, more than $9 billion of Mt. Gox payment plan is likely to lower the price of Bitcoin in the coming weeks and continue the fear, uncertainty and uncertainty in the market in the coming months. .
Analyst Jacob King said investors seeking windfall profits from the $8.2 billion Mt. Gox believe they can sell up to 99%. In the year The exchange collapsed in 2014, when the price of Bitcoin was still trading in the hundreds of dollars.
Related: Bitcoin's Bottom Sign? The German government ran out of BTC to sell
Conversely, IG Markets analyst Tony Sycamore of Mt. Gox believes that the fees will not have the catastrophic impact on the markets that many investors expect. According to Sycamore, the Mt. Gox lenders have so many factors at play in determining their behavior. The analyst had predicted that the halving of the compensation offer could trigger exchanges this July.
Still, the analyst was sure that the cost was already worth it on the Bitcoin market. Sycamore told Cointelegraph that news of the compensation plan has long been known to investors and is not a surprise.
Institutional investors buy the dip
Institutional investors bought the dip during heavy selling pressure. According to data from CoinShares, US exchange-traded funds (ETFs) posted $295 million in inflows for the week of July 8, snapping a multi-week inflow into mutual funds.
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