cryptonews.net
The German government has been selling Bitcoin (BTC) regularly, a trend closely monitored by investors. However, recent data indicates that this may no longer be the case as the government has sold off all its Bitcoin assets.
On July 12’th, Arkham tweeted about the latest significant transaction. The German government allegedly transferred 3,846.05 BTC, worth $223.81 million, to Flow Traders and 139Po. This transaction has depleted the government’s Bitcoin reserves, leaving them with zero BTC.
BREAKING: The German Government is now out of Bitcoin.
— Arkham (@ArkhamIntel) July 12, 2024
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).
The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2
The significant value of the sell-off has raised questions about its impact on the market. AMBCrypto’s analysis of CryptoQuant data revealed an increase in selling pressure, with the net deposit of BTC on exchanges being higher than the seven-day average.
Despite the increased selling pressure, the BTC’s Coinbase premium indicated a strong buying inclination among US investors. Additionally, Korean retail investors showed considerable buying pressure, as reflected in the Korea premium.
After weeks of corrections, Bitcoin showed some gains. At the time of writing, BTC was valued just over $64K, reflecting a 11.32% increase over the past seven days.
To determine whether Bitcoin’s recent gains would continue or if the sell-off would lead to another correction, various datasets were examined. IntoTheBlock’s data suggested an equal competition between bulls and bears, with transaction volumes remaining constant. Conversely, Glassnode data indicated Bitcoin is still trading below the potential market bottom, as per the PI Cycle Top indicator, suggesting a possible rise to $94k in the upcoming weeks.
The German government’s complete sell-off of its Bitcoin reserves has influenced market dynamics, with significant selling pressure observed. However, strong buying pressure from US and Korean investors indicates a mixed market sentiment. Technical indicators suggest a potential continued upward trend for Bitcoin, although the market remains closely watched for further developments.
Is This OTC trading to Bitcoin ETFs?
This comes at a time when rumors of OTC trading on Bitcoin ETFs take the realm light. Recently, Plus500 Expanded Its Offering with Spot Bitcoin ETFs. Plus500 (LSE: PLUS), a global fintech conglomerate leveraging proprietary technology-based trading platforms, has broadened its diverse product range by introducing a variety of Spot Bitcoin (BTC) exchange-traded funds (ETFs) for its clientele.
This initiative follows the landmark endorsement of 11 Spot BTC ETFs by the US Securities and Exchange Commission (SEC) in January 2024. This approval allowed Bitcoin ETFs to be listed in the US, with key financial entities such as Grayscale, BlackRock, Fidelity, and Bitwise among the participants.
Thanks to its proprietary technology, Plus500 swiftly reacted to the SEC’s announcement earlier this year. It became one of the first companies to offer clients the ability to trade Spot BTC ETF CFDs (Contracts for Difference) on its OTC trading platform. Plus500 was among the first online trading platforms globally to offer cryptocurrency CFDs in 2013. Since then, the Group has continuously expanded its product range to include CFDs on various cryptocurrency-related assets, keeping pace with the evolving and increasingly accepted global market for cryptocurrencies.
The inclusion of Spot BTC ETF CFDs enriches Plus500’s already extensive selection of crypto-related CFDs, reaffirming its commitment to providing top-tier, user-friendly, and secure trading solutions. This enables customers to gain exposure to the digital currency realm in multiple ways.
The newly added products are integral to Plus500’s extensive suite of trading products, services, and features, supported by market-leading technology. This suite includes various other crypto-based CFDs with underlying assets such as Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), Avalanche (AVAX), and the Crypto 10 Index, among others.
Over-the-Counter (OTC) Trading refers to the process of trading financial instruments directly between two parties without the supervision of an exchange. It typically involves securities such as stocks, bonds, and derivatives. OTC trading allows for flexibility and customization in the terms of the trade, which can be advantageous for both parties involved.