According to Blockchain Intelligence, the German government missed Bitcoin profit worth over $ 2 billion after selling its shares in 2024.
“German government (BKA)”, whose cryptocurrency portfolio sold 49,858 Bitcoins (BTC) worth over $ 2.89 billion at an average price of USD 57,900 in many transactions in June and July in 2024.
According to Arkham, the decision to sell Bitcoin cost the German government over $ 2.35 billion.
“If they were holding it, their BTC would now be worth USD 5.24 billion”, Arkham he said In the post of May 19 X, noting that Bitcoin increased by more than 80% from sales.
According to Coinmarketcap data, Bitcoin traded over USD 104,200 at the time of publication.
Related: Justin Sun offers the purchase of a German Bitcoin government worth USD 2.3 billion to minimize market impact
The portfolio marked by the German government for the first time raised speculation about the potential sale on June 19, 2024, when it made a transfer of 6500 BTC worth over $ 425 million.
The portfolio originally held about 50,000 BTC, considered to be busy from Movie2K operators, a non -existent pirate film side.
Related: Bitcoin lower signal? The German government will not lack BTC for sale
The German government quit sales to maximize liquidity
According to Miguel Morel, the founder of Arkham Intelligence, the portfolio sales patterns indicate hasty transactions that have not been optimized in terms of the slightest impact of the market and the best profitability.
“The last thing I would expect is that they will simply go to five different exchanges and sales of the initial market,” said Morel during an interview at ETHCC 2024, adding:
“The fact that they are going to so many different exchanges just sounds, as if they just tried to get as much liquidity as possible from each order book[…]”
Reports containing the liquidation of the German Bitcoin government could have contributed to the further fall of Bitcoins than the volume of Bitcoin sold.
The price of Bitcoin has recovered over USD 60,000 of the psychological mark on July 14, the day after BTC ran out of the portfolio marked by the German government, he put an end to investors uncertainty about further sales pressure.
https://www.youtube.com/watch?v=hvoqj4xS88s
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