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🧠BITCOIN PRICE FLUCTUATIONS AMID GERMAN SALES

🧠BITCOIN PRICE FLUCTUATIONS AMID GERMAN SALES

Day: 08 | Time: 17:26:41 In the last 12 hours, the price of Bitcoin has experienced significant volatility, ranging from $54,400 to $58,200. This coincides with the ongoing Bitcoin sales by the German government, which have been happening for several weeks. Currently, the German government holds around 23,788 Bitcoin, worth $1.32 billion, less than half of its reserves before the start of the sales. The latest sale involved 5,200 Bitcoin, worth $293.76 million. This selling activity has significantly reduced futures contracts, with 50,000 Bitcoin exiting futures open interest in recent days. Currently, there are approximately 475,000 Bitcoin remaining in open interest contracts, similar to mid-May levels. Spot sales have intensified, indicating strong selling pressure in the market. This combination of government sales, spot sales, and futures contract closures is playing a significant role in the current market dynamics, contributing to the observed volatility in Bitcoin prices.

German Government Balance: (Source: Glassnode)
German Government Transactions: (Source: Arkham Intelligence)
Bitcoin: Spot Cumulative Volume Delta: (Source: Glassnode)