Germany has sold its remaining Bitcoins on July 12th. The German government completed the sale of its remaining Bitcoin holdings on July 12.
The final conclusion by Germany
The majority of the 50,000 Bitcoins sold by the German Government over the last three weeks came from asset seizures. The sale was the culmination weeks of increased activity by the German Government, which had offloaded tens and thousands of Bitcoins in multiple tranches. This massive liquidation was a major factor in keeping Bitcoin’s price at a low level of $54,000, on July 5, despite the German government increasing its selling activity.
Market pressures persist despite Germany’s withdrawal from its Bitcoin holdings due to the impending Mt. Gox reimbursement plan. The Mt. The collapse of the Mt. The reimbursement plan is designed to compensate creditors and could add significant pressure to the markets in the coming week. Various factors make it difficult to predict the market impact of Mt Gox’s reimbursement.
Institutional investors took advantage of the increased selling pressure to purchase the dip. CoinShares data showed that U.S. Exchange-traded Funds (ETFs), which are investment funds, saw an inflow of $295 Million during the week of 7/8. This reversed a trend where these funds had seen a decrease in inflows. This suggests that institutional investors are still confident about the long-term prospects for Bitcoin.
