Bitcoin
Germany Has Less Than $1 Billion in Bitcoin to Sell
Amid an apparent sell-off that rapidly accelerated in the last two days, the German government has reduced its Bitcoin holdings to less than $1 billion on Wednesday.
Germany has moved substantial amounts of Bitcoin from its wallets to various cryptocurrency exchanges and marketplaces in recent daysfollowing slower movements in previous weeks. This sell-off comes just a month after the government held approximately $3.46 billion in BTC on June 10.
According to data from Arkham Intelligencethe German government currently holds 13,733 BTC, valued at $792 million, compared to 49,860 BTC just a month ago.
This sharp reduction in Bitcoin holdings is part of the German government’s strategy to liquidate a significant portion of its digital assets. The government has transferred around $2 billion to exchanges and market makers in the last week alone.
While this does not necessarily mean that the transferred assets have already been liquidated, it does suggest that the German government is considering divesting itself of cryptocurrency.
Amid the sell-off in Germany, analysts at investment firm Bernstein on Wednesday reaffirmed their bullish stance on Bitcoin, which is currently priced at around $57,700 — down more than 4% from last week.
In a note shared with DecipherBernstein maintained a highly optimistic view on Bitcoin’s future, projecting a price target of $200,000 by 2025, $500,000 by 2029, and surpassing $1 million by 2033.
“We remain bullish on Bitcoin,” the analysts wrote. They attributed this bullish outlook to Bitcoin’s unique supply and demand dynamics, particularly its four-year halving cycle. Bitcoin’s price typically begins to rise months after the halving. quadrennial halvingdue to less new BTC entering the market, coupled with increasing selling pressure for miners.
The success of spot Bitcoin ETFs in the United States has further reinforced Bernstein’s conviction.
“Currently, we understand that ~80% of ETF flows still come from self-directed retail investors through broker-dealer platforms,” the report states, indicating significant potential for institutional adoption.
Edited by Andre Hayward