Bitcoin
German government transfers $520 million in Bitcoin to exchanges, more spot settlements?
The German government wallet recently moved a total of 8853.5 BTC, worth nearly $520.17 million, to various cryptocurrency exchanges. Despite this large transfer, the price of Bitcoin remained stable around US$58,500reflecting a 2% increase in the last 24 hours.
Meanwhile, these transactions to multiple exchanges have raised fears in the cryptocurrency space, indicating that more liquidations could be coming soon.
Massive Bitcoin Transfer
According to Arkham Investment, the German government transferred 8,853.5 BTC in total to several prominent exchanges and institutional deposit services. The recipients of these transactions included Kraken, Cumberland, Flow Traders, Coinbase 139Po, and an address identified as bc1qu, which is 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, back from several exchanges. These included major platforms such as Kraken, Bitstamp, and Coinbase.
This move suggests that while the government is selling significant amounts of Bitcoin, it is also receiving substantial amounts back from the market.
Current holdings
From now on, the The German Government holds a substantial position amount of Bitcoin, totaling 15,110 BTC, which is valued at around $883.7 million. However, the German government now holds less than one billion of the Bitcoin originally seized from Movie2k.
Perhaps this number highlights the significant stake the government continues to hold in the cryptocurrency market despite the recent sell-off.
Bitcoin Technical Analysis
Looking at the technical analysis, the daily chart suggests that Bitcoin remains above the 50-day and 100-day EMAs, signaling an uptrend. However, the key resistance levels at $60,000, $62,500and $63,200 could signal bullish sentiment if breached, potentially pushing BTC towards $65,000.
With the Average Directional Index (ADX) at 41.10, indicating a robust trend, investor sentiment remains cautious, with the Fear and Greed Index (FGI) at 40, reflecting prevailing investor fear.