Bitcoin holds on to $57,000! Germany sold another 10,000 BTC yesterday. Is it expected to be cleared this week?

This site (120btC.coM): Since June 19, German government-related wallets have frequently transferred multiple large amounts of Bitcoin to exchanges and market makers such as Coinbase, Kraken, and Bitstamp for sale. It is believed that In addition to the Mt.Gox exchange starting repayments, it is another main reason for the recent decline of Bitcoin.

How many Bitcoins are left in Germany?

According to what on-chain data analyst Yu Jin shared last night, after Germany transferred a total of 10,853.5 Bitcoins (approximately US$638 million) yesterday (July 10), its Bitcoin holdings fell to 13,110 Bitcoins (subsequently Some are being returned one after another, and Arkham data shows that there are still 15,000 coins left).

He said that based on the recent sales frequency, there is a high probability that Germany’s Bitcoins will be cleared this week: today Germany transferred a total of 10,853.5 Bitcoins to exchanges and market-making institutions (according to the previous on-chain data, Some unsold Bitcoins may be returned from the exchange in the future, which means that the actual number of sales should be less than the current number of transfers). Since they sold coins on June 19, they have transferred a total of 36748.4 Bitcoins (approximately US$2.157 billion), and they still hold only 13,110 Bitcoins (approximately US$758 million). Judging from the number of coins sold in recent days, there is a high probability that the remaining Bitcoins will be cleared this week.

In this regard, some netizens said that it seems that the German government’s impact on the market has gradually slowed down, and Bitcoin may have hit the bottom.

Bitcoin holds on to US$57,000

In the Bitcoin market, after breaking through the 58,000 pressure level at noon yesterday, it once touched US$59,476, but then fluctuated and fell back. At the time of writing, it was quoted at US$57,541, down 0.18% in the past 24 hours. .

Bitwise CIO: Bitcoin is looking at $100,000 by the end of the year

In this context, crypto asset management company Bitwise Chief Information Officer Matt Hougan recently said that whether it is the repayment of the Mt. Gox exchange or the sell-off by the US and German governments, these Market headwinds are temporary; they will only have a short-term impact on liquidity, and this period will soon be over.

In contrast, the continued net inflows of Bitcoin spot ETFs, Bitcoin halving, the upcoming listing of Ethereum spot ETFs, and the U.S. Federal Reserve’s interest rate cut expectations... and other positive factors will create a good long-term environment for the development of cryptocurrency. , therefore, Bitcoin is likely to be pushed to $100,000 by the end of the year, and Ethereum will also hit a record high.

The above is the detailed content of Bitcoin holds on to $57,000! Germany sold another 10,000 BTC yesterday. Is it expected to be cleared this week?. For more information, please follow other related articles on the PHP Chinese website!