German Government Continues Bitcoin Sell-Off, Liquidating 13% of Holdings

The German government has continued its massive Bitcoin sell-off, transferring 832 BTC (worth $50 million) in the last hour, according to Arkham Intelligence. This latest move brings the total amount of Bitcoin liquidated by the government in the past month to over 5,000 BTC, or 10% of its total holdings. The government initially seized these Bitcoins from pirated movie site operators in early January and held 50,000 BTC before the sell-off began on June 18th. Despite the recent sell-off, the government still holds 43,859 BTC, valued at approximately $2.74 billion. The motivation behind the government's decision to sell its Bitcoin holdings remains unclear.

While the German government is selling, the price of BTC continues to be under pressure, currently trading at $62,442. However, CryptoQuant analyst Onchain Edge believes that the current price chart suggests a Wyckoff reaccumulation phase, characterized by consolidation between support at $57,178 and resistance at $71,587. This sideways movement is indicative of a potential reaccumulation phase, which could lead to a future price increase.