More reselling on the Bitcoin side
We thought the liquidations were over with the return of the uptrend, but that is not the case. Today, Bitcoin will be sold in bulk again. Should we be worried?
Last Wednesday, the German government began selling its BTC seized from pirated website Movie2k.to via Coinbase and Kraken. After a short break, the initiative was resumed, this time with 400 tokens transferred to the respective exchanges. According to Arkham Intelligence, 500 coins were also sent to an unknown address.
But this is not the only big entity that plans to destroy Bitcoin today! In the same vein, US government wallets sent 3,940 BTC to Coinbase today. This time the tokens were recovered during a raid on the darknet.
So more than 4,300 tokens may be resold today, or $245 million at the current price. However, according to Ki Young Ju, this will have little impact on the market as capital inflows largely brought by ETFs absorb some of the outflows.
The US government didn’t sell 4K #Bitcoin today, but less likely to affect the market.
Coinbase Prime processed 20-49,000 BTC in sell-side liquidity per day during high spot ETF inflows and 6-15,000 per day during low spot ETF inflows.
I’m posting this because I’m tired of the “government sell” FUD. pic.twitter.com/4IrO1aBGO6
— Ki Young Ju (@ki_young_ju) June 26, 2024
On the contrary, the start of a bull run?
The cryptosphere does not have to fear liquidation, and on the contrary, experts call for joy. Bitcoin’s bullish trend is still confirmed by the small orange coin, which still holds support at $59,000 and remains at $61,000 today. This is why it is possible for it to exceed $71,000 within a few weeks.
Even better, BTC is carrying an uptrend line. You just bounced on it, which is always accompanied by a nice climb. So you get the idea: at the moment the bottom seems to be well and truly reached!
Moral of the story: more fear than harm for Bitcoin.
Disclaimer: In accordance with The Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased information, but market conditions may change without notice. Always do your own research and consult with an expert before making any financial decision.