The German government recently transferred 8853.5 BTC, worth $520.17 million, to various crypto exchanges. Surprisingly, Bitcoin’s price remained stable at around $58,500, showing a 2% increase in the last 24 hours.
Some in the crypto community are concerned that these transactions could lead to more sell-offs. Arkham Investment reported that the German government moved the BTC to exchanges like Kraken, Cumberland, Flow Traders, Coinbase, and an address linked to an institutional deposit or OTC service.
Despite the large transfers, the government received 1,118 BTC, valued at $64.71 million, from exchanges like Kraken, Bitstamp, and Coinbase. This suggests that while the government is selling off Bitcoin, it is also acquiring significant amounts back.
The German government currently holds 15,110 BTC, valued at $883.7 million, which is less than the amount seized in the Movie2k case. Despite the sell-offs, this shows the government still has a substantial stake in the crypto market.
On a technical note, Bitcoin remains above the 50-day and 100-day EMAs on the daily chart, indicating a bullish trend. Breaking key resistance levels at $60,000, $62,500, and $63,200 could further boost bullish sentiment and push BTC towards $65,000.
The Average Directional Index (ADX) is at 41.10, showing a strong trend, while the Fear & Greed Index (FGI) is at 40, reflecting investor caution. Despite uncertainties, there is cautious optimism about Bitcoin’s future movements.
Considering the uncertainty surrounding Bitcoin’s future, investors may want to reassess their crypto strategies.