Fun

German gov’t was rushing to sell Bitcoin to maximize liquidity: Arkham CEO

News Feed - 2024-07-17 11:07:28

Zoltan Vardai9 hours agoGerman gov’t was rushing to sell Bitcoin to maximize liquidity: Arkham CEOUsing five different crypto exchanges suggests that the wallet sought to maximize liquidity on each order book and sell Bitcoin as soon as possible.4558 Total views11 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe German government was looking to sell its Bitcoin stack as soon as possible without optimizing for the smallest market impact and best profitability.


The German government-labeled wallet’s Bitcoin (BTC) selling patterns, including the large transfers to various centralized cryptocurrency exchanges (CEXs), suggest that the intention was to cash in profits in the short term, according to Miguel Morel, founder of Arkham Intelligence.


The transfers to multiple exchanges occurred to maximize Bitcoin liquidity, Morel told Cointelegraph during an interview at EthCC:“The last thing I would have expected is that they would just go to five different exchanges and start market selling… The fact that they’re going to so many different exchanges just reads like they’re just trying to get as much liquidity from each order book as possible because otherwise, why wouldn’t you just use one?”


Setting up accounts and transferring funds to five different exchanges is more complicated than selling through a single one, Morel explained.


Outflows and news surrounding the German government’s Bitcoin selling have put downward pressure on Bitcoin, which was only able to recover from June’s downtrend once the government ran out of Bitcoin to sell.


Related:Ether ETF opens the floodgates for Solana ETFs and crypto products — AnalystBitcoin’s price started recovering after German government ran out of Bitcoin


Bitcoin’s price was in a downtrend during the month of June, and it only started recovering once the German government ran out of Bitcoin to sell.


Bitcoin’s price recovered above the $60,000 psychological mark on July 14, a day after the German government-labeled wallet ran out of BTC.BTC/USDT, 1-month chart. Source: CoinMarketCap


Bitcoin’s price fell over 7% during the month of June but staged an over 11% weekly recovery to trade at the $64,688 mark as of 1:50 pm UTC, according to CoinMarketCap data.


Related:Bitcoin bears trapped, but can BTC price surpass $70K by August?Bitcoin’s price was tanked by the German government’s selling reports, not BTC sales volume


The German government’s selling wasn’t the only factor weighing down Bitcoin’s price during the past month. Factors like Mt. Gox’s incoming creditor repayments and stagnating Bitcoin exchange-traded fund (ETF) flows have also contributed to the price slump.


According to Arkham’s Morel, the volume of Bitcoin sold by the German government had less impact on Bitcoin’s price than the market’s reaction to the news.


Morel explained:“It could well be that there’s $20 billion of Bitcoin volume a day, and the German government selling $60 million a day is easily absorbed. It could also be the case that because there’s news of the German government selling… there’s $5 billion going out the door on the retail side because they’re afraid of getting caught.”


However, the real opportunity to get long exposure for Bitcoin will come after the market has digested the Mt. Gox repayments, similar to the scenario following the German government’s Bitcoin selling, according to popular analyst RunnerXBT.


The analyst wrote, “Just like with Germany transfers, eventually, they will have no price impact. That’s when I hope to long.”


Magazine:Singapore ‘not ready’ for Bitcoin ETFs, sneaky crypto mining rig importer: Asia Express# Bitcoin# Government# Europe# Bitcoin Price# Adoption# GermanyAdd reaction

News Feed

Bakkt’s Bitcoin Futures Shatters Records Amid Spot Market Turmoil
Bakkt"s Bitcoin Futures Shatters Records Amid Spot Market Turmoil Bakkt’s bitcoin core (BTC) futures product saw another all-time high as the spot market price of BTC plumm
Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer – Minus the Hassle of KYC 
Rebranded Localcryptos Lets You Cash Out BTC Peer to Peer – Minus the Hassle of KYC  If you’ve ever had a sudden need for fiat while all in crypto, you’ll understa
Ezra Reguerra10 hours agoIndonesia to conduct blockchain trials for public servicesTuhu Nugraha, who works with the Indonesian government, said the country will soon conduct trials on applying blockchain technology in pu
Bitcoin Price Set For Reversal To $130,000 After Forming Major Cup And Handle Support
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
NFT Heroes Announce Release of Remaining Heroes Plus Rare and Legendary Upgrade Cards
NFT Heroes Announce Release of Remaining Heroes Plus Rare and Legendary Upgrade Cards press release PRESS RELEASE. At the end of August, the new NFT avatar collection known as SIDUS
William Suberg11 hours agoBitcoin gets $28K ‘plunge protection’ with BTC price due new volatilityBitcoin traders are predicting flash BTC price moves despite almost unanimous market predictions as to what the Fed wil
Tom Mitchelhill8 hours agoA Based week: Looking back at the first 7 days of Onchain SummerIn just one week, Base has attracted hundreds of thousands of new users, attention from mainstay brands and artists, and unfortuna
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers
Bankrupt Crypto Lender Celsius Seeks to Reopen Withdrawals for Specific Customers Celsius Network Ltd., the crypto lender that filed for Chapter 11 bankruptcy protection on July 13
XRP Price Climbed 123% in 30 Days, Spark Token Airdrop Pushes Value Higher
XRP Price Climbed 123% in 30 Days, Spark Token Airdrop Pushes Value Higher During the course of the week digital currency markets have seen colossal gains and on
Turner Wright7 hours agoUS lawmakers propose SEC chair consider legislation, not enforcement approach to cryptoReps. French Hill and Dusty Johnson suggested the SEC may have undertaken certain actions on crypto “seemin
Cointelegraph Innovation Circle8 hours agoNFT projects: Keep your community engaged with these 12 tipsAn engaged, loyal community is an essential ingredient in the long-term success of an NFT project.509 Total views2 Tot
Craig Wright Submits List of Bitcoin Addresses to the Court – Roster Contains Spent Blocks
Craig Wright Submits List of Bitcoin Addresses to the Court - Roster Contains Spent BlocksOn May 21, 2020, the infamous Craig Wright, the man who claims to be Satoshi Nakamoto, subm