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🧠GERMAN GOVERNMENT SALES IMPACT BITCOIN

🧠GERMAN GOVERNMENT SALES IMPACT BITCOIN

Day: 08 | Time: 17:40:11 In the last 12 hours, the price of Bitcoin has experienced significant volatility, ranging from $54,400 to $58,200. This is happening concurrently with the German government's sales of Bitcoin, a trend that has been ongoing for several weeks. Currently, the German government holds approximately 23,788 Bitcoin, valued at $1.32 billion, less than half of its reserves prior to the start of the sales. The German government sales have resulted in a significant reduction in futures contracts, with 50,000 Bitcoin exiting open interest in recent days. Currently, there are approximately 475,000 Bitcoin in open interest contracts, similar to mid-May levels. Sales in the spot market have intensified, indicating strong selling pressure in the market. This combination of government sales, spot market sales, and futures contract closures is playing a significant role in the current dynamics of the market, 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)