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Topic: German Government completely sells off all its bitcoins. (Read 696 times)

Zaguru12 (OP)

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German Government completely sells off all its bitcoins.

July 12, 2024, 08:23:47 PM

It is no longer news that the German government have been lately In the news of recent bitcoin and the general cryptocurrency price dump due to their sells. According to ARKHAM the wallet belonging to them has just been emptied which means they have sold everything. They had a total of 49,860 bitcoin as at 17 June which totals to around $3B. With their daily sells they have officially sold off everything.

My take on this; is that around $3B worth of bitcoins were sold and it just dumped the price by nearly -12%. i dont even think its the sell pressure that took bitcoin to this level i think it was the fud from it and the whole Mt.Gox sell.

This is to tell you that bitcoin cant just be manipulated like other Altcoins. This is more than enough bullish news to hold on to bitcoin and dont be chicken out by FUDs

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 08:26:01 PM

I see some people reporting that on Twitter but is it considered as sold simply because the funds are no longer in their cold wallet which is what the Arkham intelligence page is checking from my understanding? I mean the bitcoin could simply be sitting on whatever exchange they sent the funds to, and still have not been sold yet. Right?

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 08:33:05 PM

Quote from: OmegaStarScream on July 12, 2024, 08:26:01 PM

You are absolutely correct, just like last time when they made the deposit to the exchange and everyone believed that they were busy dumping all that was deposited to the exchange, but they surprised the public by pulling back 1915 btc, which created a mixed reaction on X different meanings were read to that move.

So it could also be possible they just move it all back to exchange and are waiting for the right time to sell, trying to remove the attention of the public from that wallet. Unless solid data is given from those exchanges they sent their BTC to that all have been sold, I will still consider every other news story as speculation.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 08:39:58 PM

Quote from: OmegaStarScream on July 12, 2024, 08:26:01 PM

Two things are involved: either it was completely sold or it was moved to another wallet. Whatever be the case, it generated negative market sentiment and the market responded accordingly. If the coins were deliberately moved to another wallet, the purpose will not be far from market manipulation like many people suggested when this whole thing started. They did not dump outright, instead, they were selling and also buying. Nevertheless, with empty wallet at this point, there are high chances they sold off.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 08:40:51 PM

Be it German government has sold their coins or not, we have seen situations worse than this in the past but bitcoin remain an appreciating asset.

Germany should do whatever they like to the coins but bitcoin is here to stay and increase in price again.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 08:59:23 PM

Regardless of whether the German government actually made the decision to sell Bitcoin or whether this is true, I still have several questions to answer for myself regarding this.
If their decisions are correct, they are in full control of their actions and they are also the ones who accept the good or bad of their decisions.
I don't comment too much on what they do. If this is what makes prices continue to decline, then this situation will be resolved and the market will be good again.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 10:11:33 PM

Quote from: OmegaStarScream on July 12, 2024, 08:26:01 PM

Youre definitely right, before the news was brought out there was other news earlier that they had moved this some coins to kraken, 139Po (this was rumored to be for OTC services/institutional deposit) and another address bc1qu, this was a total of 2,300 bitcoin and then the rest 3k bitcoin were later moved out to other exchanges. Why the news was about them totally selling off was because they usually bring back the remaining coins they dont sell off the exchanges before the close of the day but this time around they didnt. So it means they sold off. But the once set to those two special address might be for hold.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 10:41:13 PM

Quote from: Orpichukwu on July 12, 2024, 08:33:05 PM

Quote from: OmegaStarScream on July 12, 2024, 08:26:01 PM

That's how crypto people understand in every move of every coin from the current wallet (cold wallet) to an exchange wallet is to sell off. Until FUD happens and become FOMO then price getting dump in domino effect because of that lol. Until some announcement happen from their team to clarify what really happens, sometimes there's no explanation, they let people decide lol

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 11:31:26 PM

My question is that did the German Government officially announce that they were going to sell off the coins on the specified dates, or people just started panicking and speculating as soon as they saw some coins moving off the wallet where they were being held?
That earlier downtrend could have just been caused by panic sellers who expected the worst.

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Re: German Government completely sells off all its bitcoins.

July 12, 2024, 11:41:55 PM

#10

Quote from: Charles-Tim on July 12, 2024, 08:40:51 PM

Well said.

But here's one thing to consider and that is, for all those worst cases there were many Black Swan events, and on top of that they pushed a bull market to end and started a long bear phase. Here things are not the same, I would call it a panic phase where maximum weak hands are liquidated. #keephodling

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 02:20:41 AM

#11

I think they have already sold a considerable amount already at least, and the sudden dumps we saw in the previous days was due to their sales.

But since they are a government, don't they have to announce and account the sale through official means of communication to their citizens? It's part of the transparency of a country to display monthly accounts through an official website, so everyone can have access to what is going on with the public finances and how the government is managing public funds.

If that information is free, this mistery can be solved instantly.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 04:04:07 AM

#12

According to onchain data, the German government's wallet no longer has bitcoins but that does not mean they have sold all their bitcoins. I mean they moved all their bitcoins to exchanges but we have no evidence that they sold them or still store them on those exchanges. Don't forget that a few days ago they transferred bitcoins and then withdrew them to their wallets, which shows we don't know if they actually sold bitcoins or not. We don't know what they did with those bitcoins, and the market reacted to the on-chain data they wanted to show us. So, saying that they cannot manipulate the market is not entirely correct.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 04:14:29 AM

#13

What they did made the market quite affected, and influenced enough investors to sell their Bitcoin. However, since that news Bitcoin has recovered quite high and now it is at 57K USD, it proves how Bitcoin as a pioneer in this market is quite capable of withstanding negative sentiment like that - and that makes Bitcoin not a very volatile asset as it is said by many people. Right now we just have to wait for Bitcoin to go on a bull run, and I have a feeling that it won't be long now.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 04:32:48 AM

#14

Quote from: legendbtc on July 13, 2024, 04:04:07 AM

According to https://bitcointreasuries.net/entities/137 for German government's Bitcoin balance, the latest update is on 11 July 2024, and the balance is not empty. It's 4,295 BTC as of writing. You have to double check this information to confirm accuracy of the given number from Bitcointreasuries.net. I did not double check it and simply took that number from their website.

With high Bitcoin trading volume nowadays in average 400,000 bitcoin a day. Selling pressure from German government can be absorbed by market participants. A bigger challenge is their panic that can not be calmed down easily and can be abused for market manipulations from market makers.
https://coinmarketcap.com/

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 04:34:50 AM

#15

Quote from: logfiles on July 12, 2024, 11:31:26 PM

They will never announce the exact date, which is for sure there is a lot of speculation circulating so that the state of the crypto market is not conducive and many people are too panicked.

And now that Germany is detected not having Bitcoin in its wallet anymore, of course this will be an indication that they may buy it back or just abandon it.
Because it is likely that some bitcoins are also hidden in some CEXs.

Is it time for Bitcoin price reversal direction after massive declines in recent days?
TF 1D shows this could be a good reversal direction when Bitcoin Price could break $60k to enter the Flip point of the trend.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 04:46:19 AM

#16

Actually I don't care about the news of Germany selling all its bitcoins, the German government has the right to do that, which is clear don't panic bitcoin will still return to a high price.

As after the German government sent all bitcoin to the exchange I did not see any selling pressure, maybe from this decline it has been affected in the last few weeks, some say the sale of German bitcoin to OTC so it will not affect the price.

Hold tight! Although there will be FUD news later, don't panic too much, that's all.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 07:50:42 AM

#17

Quote from: Zaguru12 on July 12, 2024, 08:23:47 PM

This is to tell you that bitcoin cant just be manipulated like other Altcoins. This is more than enough bullish news to hold on to bitcoin and dont be chicken out by FUDs

One of the reasons why bitcoin cannot just be manipulated like other Altcoins is the market capitalization. When compared to other altcoins is the largest. And because the Germany couldn't control a significant portion of its trading volume, it couldn't be manipulated. Therefore I agree with you that it was more of FUD and Mt. Gox effect. And the FUD in my estimation, are from people who thought that the market was going to be manipulated because of the sales of bitcoin from the German government sales.

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MinoRaiola

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 08:07:11 AM

#18

The coins were from the movie exchange site Movie2k.to. The most interesting thing is that the owner of the coins probably made a deal to get free. The price for freedom through Bitcoin.

Germany is divided into 16 regions and only 1 of these 16 regions has had the coins in its possession, the federal state of Sachsen. There is one woman in politics who has tried to prevent this, or has recommended that bitcoin should not be sold, that is Joana Cotar.

Here she makes it public how stupid this decision was:

Quote

Herzlichen Glückwunsch, so dämlich muss man erstmal sein.

https://x.com/JoanaCotar/status/1811840674905387170

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 09:20:43 AM

#19

Quote from: Charles-Tim on July 12, 2024, 08:40:51 PM

Bitcoin has once shown again that it can withstand any financial pressure from either government or any organization. There were predictions that the price would go below $50k but this didn't happen. We expect to see the market returning to its bullish outlook regardless of the Mt.Gox repayment scheduled to commence.

Quote from: logfiles on July 12, 2024, 11:31:26 PM

Monitoring the wallets of some of these Bitcoin whales is one of the causes of FUD. Maybe it might be helpful to traders but long-term hodlers shouldn't be bothered about the movement of funds by these organizations. I am not moved by these speculations because I have confidence that the market will still readjust after some time.

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Re: German Government completely sells off all its bitcoins.

July 13, 2024, 09:35:45 AM

#20

If its the case that the German government have indeed sold off their Bitcoin I
celebrate it with gusto. I mean its a distraction and sends some people crazy with
panic, the same with MtGox coins. The sooner the better all is resolved IMO.

Unfortunately - there will be many more government seized coins sold off in the
future which will have effects on the markets.

Fortunately - this will play into the hands of us who practice DCA and Buy-the-dip.

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