Bitcoin fell after breaking through $59,000 yesterday. On-chain data showed that the German government transferred out another 10,000 BTC yesterday. Analysts believe that Germany may complete the liquidation this week.
Since June 19, the German government's related wallets have frequently transferred a number of large amounts of Bitcoin to exchanges and market makers such as Coinbase, Kraken, and Bitstamp for sale, which is considered to be another major reason for the recent decline in Bitcoin in addition to the repayment initiated by Mt.Gox Exchange.
How many Bitcoins are left in Germany?
According to the sharing of Yu Jin, an on-chain data analyst last night, after Germany transferred a total of 10,853.5 Bitcoins (about US$638 million) yesterday (July 10), its Bitcoin holdings fell to 13,110 (following a series of returns, Arkham data shows that there are still 15,000).
He said that according to the recent sales frequency, Germany's Bitcoin will most likely be cleared this week: Today, Germany transferred a total of 10,853.5 Bitcoins to exchanges and market makers (according to the previous on-chain data, some unsold Bitcoins may be returned from exchanges in the future, which means that the actual sales quantity should be less than the current transfer quantity). Since they started selling bitcoins on June 19, they have transferred a total of 36,748.4 bitcoins (about $2.157 billion), and only 13,110 bitcoins (about $758 million) are still held. Judging from the number of bitcoins sold in recent days, the remaining bitcoins are likely to be cleared this week.
In this regard, some netizens said that it seems that the impact of the German government on the market has gradually slowed down, and Bitcoin may have hit the bottom.
Bitcoin defends $57,000
In the Bitcoin market, after breaking through the 58,000 pressure level at noon yesterday, it once reached $59,476, but then fluctuated and fell back. At the time of writing, it was reported at $57,541, down 0.18% in the past 24 hours.
Bitwise CIO: Bitcoin is expected to reach $100,000 by the end of the year
Against this background, Matt Hougan, CIO of crypto asset management company Bitwise, recently said that whether it is the repayment of Mt.Gox exchange or the selling of the US and German governments, these adverse market factors are temporary. They will only cause a short-term impact on liquidity, and this period will soon end.
In contrast, the continued net inflow of Bitcoin spot ETFs, Bitcoin halving, the upcoming listing of Ethereum spot ETFs, and the expectation of interest rate cuts by the US Federal Reserve... will create a good long-term environment for the development of cryptocurrencies. Therefore, Bitcoin is likely to be pushed up to $100,000 by the end of the year, and Ethereum will also set a new record high.
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