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Samson Mow, former CSO at Adam Back’s Blockstream and now the chief executive at a Bitcoin-focused company Jan3, has made a bullish statement on Bitcoin and what is happening to all the BTC that is being sold by large market players at the moment.
Samson Mow's Bitcoin statement
Samson Mow has tweeted that despite the huge sales that continue to be made by large entities, such as the German government, or massive Bitcoin transactions made by the defunct crypto exchange Mt Gox recently.
Mow believes that the demand for Bitcoin remains strong and the market is absorbing all the Bitcoin sales at the moment. Mow made a similar statement approximately a week ago and now he has confirmed his previous prediction.
The market is absorbing all #Bitcoin sales nicely. Demand is strong.
— Samson Mow (@Excellion) July 9, 2024
Earlier this month, the Jan3 CEO also tweeted that he believed cryptocurrency whales from the Bitfinex exchange were buying up all the Bitcoin dips. Besides, spot ETFs also continue to absorb the world’s flagship cryptocurrency several times per week while also facing large outflows of BTC.
German government dumps half billion in BTC
According to the analytics account @lookonchain on the X platform, the German government has made yet another massive cumulative Bitcoin transfer to six crypto platforms – centralized exchanges and trading firms: Kraken, Flow Traders, Coinbase, Bitstamp, Cumberland, and B2C2 Group.
The total amount of BTC moved to these trading entities is equal to 9,634 BTC – that is the equivalent of $551 million. Since June 19, the German government has transitioned 24,304 BTC which is worth a whopping $1.44 billion in fiat. German authorities still hold 28,988 BTC valued at $1.66 billion.
The #German government transferred 9,634 $BTC($551M) to #Kraken, #FlowTraders, #Coinbase, #Bitstamp, #Cumberland, and #B2C2Group today!
— Lookonchain (@lookonchain) July 8, 2024
The #German government has transferred 24,304 $BTC($1.44B) since June 19 and still holds 28,988 $BTC($1.66B).https://t.co/F748eLlb1u pic.twitter.com/mFOnXicVvX
Bitcoin shows bullish signal
On-chain data company Santiment has tweeted that despite Bitcoin retracing to a low of $55,400 earlier today, there is a very bullish signal on horizon. While average returns for traders that have been active over the last year have been only +1.8% so far. This is the lowest level since Bitcoin returned above the $20,000 mark in March last year.
However, now both Bitcoin's 30-day and 365-day MVRV indicators are in negative territory. Santiment’s report says that for those traders who last bought Bitcoin when these two lines were in the negative territory together last time the returns on their BTC is likely to be as high as +132%.