- Germany is now down to its last 6,400 BTC signaling the end of its Bitcoin dumps.
- Analysts believe that once Germany stops selling, FUD dumps will end too.
- El Salvador continues to buy BTC as Germany continues to sell.
The last round of dips in the crypto market is just around the corner. Due to the German government’s repeated and simultaneous selling of its Bitcoin (BTC) reserves, the latest crypto market dip is still yet to fully recover.
Presently, the German government has sold so much Bitcoin (BTC_ that they are now left with less than 6,400 BTC. As Germany is selling its Bitcoin, El Salvador has been buying, thus pushing their BTC reserves to a far greater number than Germany’s holdings.
In total, Germany has sold 21,180 BTC over the past few days. It is a testament to the faith that the greater crypto community has in Bitcoin that the price of BTC hasn’t dipped below $50,000. In fact, many are buying the dip with figures such as Justin Sun volunteering to buy Germany’s remaining BTC reserves directly.
Amidst the noise, one analyst compiled his observations of Germany’s repeated Bitcoin (BTC) sell offs. He observes that Germany had held over $1 billion in Bitcoin reserves and has moved almost all of it through CEX’s like Kraken, Coinbase, and Bitstamp.
He adds that most of Germany’s BTC was obtained through confiscated funds and they never actually invested in the asset. In between the selloffs Germany did buy $111 million worth of Bitcoin when a German representative urged them to stop selling. Yet, here they are again back to selling their BTC reserves.
The analyst goes on to say that although the market’s reaction to the selloff wasn;t very impactful, the emotional responses from it were far worse. This emotional response is what led to a further dip.
However, as more recovered from the FUD, traders are buying and holding instead. What was expected was a rapid buyback and Bitcoin price soon shifted to this recovery phase. This is why the market has remained steady despite the German government’s continued Bitcoin selling.
He concludes by saying that this moment in the crypto cycle is a crucial moment and that seasoned traders recognize the patterns. The market cannot grow without checking out weak hands, he says, signaling that Germany’s last selloffs could really be the end of the last crypto dip this cycle.
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