1400 Bitcoins Transferred from Germany over the Weekend Analysts Suggest US Stock Market Rally May Impact BTC Trends

CoinJiawang reported:
Source: Niu Gulu Yao


The German government’s related wallets have been conducting multiple large-scale Bitcoin transfers since June 19, frequently transferring to various cryptocurrency exchanges such as Coinbase, Kraken, and Bitstamp. It is suspected that they are selling and cashing out, which is considered one of the main reasons for the continuous weakness of Bitcoin.
Originally, Bitcoin rebounded over the weekend, giving investors a slight sigh of relief. However, Bitcoin started to plummet again this morning, and Arkham data shows that the German government address has transferred 1,400 BTC to the 139…bVu address, with a value of approximately $80 million.
Analyst Yu Jin pointed out that the 139…bVu address should belong to a certain asset management institution, which will disperse the received coins to centralized exchanges such as Coinbase, Kraken, and Bitstamp for selling.


The German government has transferred approximately 13,466 BTC (worth $819.3 million) in total since June 19, according to Lookonchain monitoring. It currently still holds 39,826 BTC (worth $2.29 billion).
Previously, there were rumors that the German government repurchased some Bitcoin over the weekend, but it was later confirmed to be a misunderstanding. Bitcoin News pointed out that the German government address receives some Bitcoin because its sell orders were not fully executed, resulting in the unsold Bitcoin being returned to the account.
Regarding the continuous selling, German Federal Parliament member Joana Cotar has strongly criticized the government’s decision to sell Bitcoin, believing that it will have a long-term negative impact on the stability of the cryptocurrency market. Tron founder Justin Sun even boldly announced that he is willing to purchase all the Bitcoin held by the German government through over-the-counter (OTC) trading to minimize the impact of these Bitcoin entering the market on the price.
Deribit Asia Pacific’s Head of Business, Rachel Lin: Pay close attention to the opening of the US stock market tonight.
Regarding this situation, Rachel Lin, the Head of Business at Deribit Asia Pacific, said that the main catalyst for this decline is the sale of seized Bitcoin by the German and US governments, as well as the repayment by the bankrupt Japanese exchange Mt. Gox, which has caused the market to see preemptive selling.
Rachel Lin stated that it is unlikely that the selling pressure will ease in the short term. The German government still holds approximately $2.2 billion worth of Bitcoin, the US government holds over $12 billion, and Mt. Gox still holds over $8 billion in assets. The future trend of Bitcoin in the next few days will depend on the selling pressure from Mt. Gox users:
If the selling volume is lower than expected, we may see a rebound. On the other hand, if there is enough selling volume to push down the price, we may quickly see $50,000.
Deribit Asia Pacific’s Head of Business, Lin Chen, analyzed that in addition to a small net outflow on Tuesday and Wednesday, the BTC spot ETF had a net inflow for the rest of the week, except for the Independence Day holiday on Thursday. The total net inflow last week reached $237.8 million. Although market sentiment remained low last week, BTC briefly rebounded from $54,000 to $57,000.
Rachel Lin said:
This week, we will pay close attention to the opening of the US stock market. If it rises again, it may indicate the end of this Bitcoin bottoming trend.


Currently, we have conducted research with six analysts on some coins with the potential to increase hundredfold and short-term explosive projects. You can join our community to learn more. Currently, all of this is free.