Bitcoin (BTC) Market Tumbles as German Government Dumps 26,200 BTC Ahead of Mt. Gox Creditor Repayments

The crypto market has been on a wild ride this past week, with Bitcoin (BTC) plummeting to its lowest value since late February

Bitcoin price dropped to its lowest point since late February on Monday morning, amid broader market concerns.

The price of BTC fell to an intraday low of $53,550 during early Asian hours, before recovering to trade at $57,300 at the time of writing. This marks a 13% decrease from the coin’s opening price for the week, which stood at $61,960.

The downturn comes amid concerns over the German government’s large-scale Bitcoin sales and the upcoming repayments to creditors of the defunct crypto exchange Mt. Gox.

According to data from Arkham Intelligence, the German government had moved over 26,200 BTC, currently valued at $1.5 billion, to various exchanges and market makers.

At the time of writing, the government still held 22,846 BTC, worth around $1.31 billion.

Meanwhile, the bankrupt Japanese crypto exchange is preparing to begin repaying creditors from the exchange’s infamous 2014 hack, which could see up to $9 billion in BTC being released.

However, some analysts have argued that the fears surrounding the Mt. Gox Bitcoin sales may be exaggerated.

Highlighting the bearish sentiment among traders, analytics firm Santiment noted in a recent tweet that the prevailing fear of sharp Bitcoin sell-offs may paradoxically set the stage for a surprising price rebound.

“Bitcoin sentiment among traders on X, Reddit, Telegram, 4Chan, and BitcoinTalk are showing the most bearish narratives this week in a year,” the firm noted.

When the crowd shows FUD at this level, the chances of a rebound to catch the majority off guard is at its peak.

Bitcoin sentiment: Bearish(-0.7) Fear (-0.44)

Relative Strength Index: Oversold

Fear & Greed Index: Extreme Fear (11 out of 100)

Empirically, high fear tends to precede price reversals.

aggregator_text:周一清晨，比特币价格跌至二月份以来的最低点，引发了更广泛的市场担忧。

在亚洲时段的早期，比特币价格在盘中一度跌至 53,550 美元，随后有所回升，在截稿时报 57,300 美元。这较本周开盘价格 61,960 美元下跌了 13%。

随着德国政府大规模出售比特币以及即将偿还已倒闭的加密货币交易所 Mt. Gox 债权人的消息，比特币价格出现下跌。

Arkham Intelligence 的数据显示，德国政府已将超过 26,200 枚比特币（按当前价格计算，价值 15 亿美元）转移至多家交易所和做市商。

截稿时，德国政府仍持有 22,846 枚比特币，价值约 13.1 亿美元。

与此同时，已破产的日本加密货币交易所正在准备开始向债权人偿还资金，以弥补 2014 年交易所发生的臭名昭著的黑客事件，届时可能会有价值高达 90 亿美元的比特币被释放。

然而，一些分析师认为，围绕 Mt. Gox 比特币出售的担忧可能被夸大了。

分析机构 Santiment 在最近的一条推文中指出，突出显示了交易者中普遍存在的看跌情绪，这种情绪可能自相矛盾地为令人惊讶的价格反弹奠定了基础。

“本周比特币在 X、Reddit、Telegram、4Chan 和比特币论坛上的交易者情绪显示出最看跌的叙述，为一年来之最，”该公司指出。

当人群展示出这种程度的 FUD 时，逆转可能最大程度地让大多数人措手不及。

比特币情绪：看跌 (-0.7) 恐惧 (-0.44)

相对强度指数：超卖

恐惧与贪婪指数：极度恐惧（100 分中的 11 分）

根据经验，高度的恐惧往往会先于价格逆转。

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