Bitcoin Holds $59,000 and Stays Above $58,500 Despite German Government BTC Sales
Bitcoin is pushing towards $59,000 and maintaining its position around $58,500, despite the ongoing liquidation of BTC by the German government.
According to data from Arkham Intelligence, the wallet associated with the German Federal Criminal Police (BKA) has moved 5,103.5 BTC, which is approximately $300 million, to exchange platforms such as Kraken and Coinbase, as well as market makers like Cumberland and Flow Traders.
Market Reaction and Bitcoin Strength
These new deposits have not significantly disrupted the market, with BTC holding steady around $58,500, slightly down from an earlier peak of $59,450. Since mid-June, the German government has reportedly liquidated 30,997 BTC, impacting the overall crypto market, alongside the start of Mt. Gox reimbursements.
Despite a drop of over 15% in the past four weeks, BTC appears to be stabilizing, suggesting that the market is adapting to these ongoing liquidations. Currently, the wallet linked to BKA still holds 18,860 BTC, crossing below the billion-dollar mark for the first time.
Bitcoin Spot ETFs Become Buyers Again
The total net inflow into Bitcoin Spot ETFs in the United States on July 9 amounted to 3,760 BTC, which is $220 million at the current price.
The capital influx, which includes nearly $300 million on July 8 and $140 million on July 5, adds up to a total of $650 million for the last three days of activity.
