Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Bitcoin (BTC) Faces Massive Selloff Amid German Government and Mt. Gox Distribution
ADOPTION NEWS

Bitcoin (BTC) Faces Massive Selloff Amid German Government and Mt. Gox Distribution

By Crypto FlexsJuly 16, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin (BTC) Faces Massive Selloff Amid German Government and Mt. Gox Distribution
Share
Facebook Twitter LinkedIn Pinterest Email

Wang Long Chai
16 July 2024 16:20

The Bitcoin market is under significant selling pressure due to the German government and Mt. Gox distribution, which is affecting the price and investor sentiment.





The Bitcoin (BTC) market has recently experienced a significant selloff, absorbing over 48,000 BTC procured by the German government. According to Glassnode Insights, this occurred as market participants prepared for a potential distribution from the now-defunct Mt. Gox exchange.

Large Enterprises and Market Dynamics

Large institutions currently hold around 4.9 million BTC, or 25% of the circulating supply. Centralized exchanges and ETF custodians are the largest of these institutions. Despite the recent German government selloff, there appears to be some relief in the short term as demand continues to flow in, supporting the market.

Historically, miners and exchanges have been the primary holders of Bitcoin. However, institutional managers and ETFs have recently come into the picture. Eleven new US spot ETFs now hold more than 887,000 BTC, making their combined balance the second largest Bitcoin pool monitored by Glassnode.

Sellside pressure

Miners have traditionally been the primary source of selling pressure, but their influence diminishes with each halving event. Over the past 12 months, miner net flow has typically seen a weekly balance change of around ±500 BTC. Centralized exchanges and ETFs, on the other hand, often see larger fluctuations of ±4,000 BTC, and have a significant impact on market dynamics.

Recent data shows that there was significant selling pressure from the German government, with most of the outflows occurring after Bitcoin’s price fell to $54,000, suggesting that the market anticipated the news and preemptively sold off.

ETF and Exchange Activities

After a period of range-bound trading, the ETF saw continued outflows as the price fell to $54,000. However, recent weeks have seen inflows of over $1 billion, indicating renewed investor interest. Exchange flows have stabilized at around $1.5 billion per day, reflecting continued market liquidity and investor participation.

Ethereum (ETH) has seen relatively less speculative interest compared to the 2021 bull cycle, which is in line with its underperformance relative to Bitcoin since the 2022 cycle low.

Investor profitability

As the Bitcoin price fell to a local low of $53,500, the percentage of coin supply held as unrealized losses soared to around 25%. This brought the profit supply ratio indicator back to its long-term average of 75%. Short-term holders (STH) saw their profits fall significantly, with over 66% of the supply moving to unrealized losses. However, long-term holders were barely affected, which is a testament to their resilience and market confidence.

conclusion

The Bitcoin market has faced significant selling pressure, primarily from the German government and potential Mt. Gox deployment. Despite these challenges, new demand and strong market fundamentals have provided support. Short-term holders have taken the hit from the recent correction, but long-term holders have remained unshaken.

Disclaimer: This report does not provide any investment advice. All data is provided for informational and educational purposes only. No investment decisions should be made based on the information provided here and you are solely responsible for your own investment decisions.

The exchange balances presented are derived from Glassnode’s comprehensive address label database, compiled from publicly published exchange information and a proprietary clustering algorithm. While we strive to ensure maximum accuracy in representing exchange balances, these figures may not always cover the entire reserves of an exchange. Users are urged to exercise caution and discretion when using these indicators. Glassnode is not responsible for any discrepancies or potential inaccuracies. Glassnode Insights.

Image source: Shutterstock


Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

AI increases artistry as an innovative creation at NVIDIA GTC Paris.

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

The HBAR price aims for $ 0.40 when a big decision of the SEC comes.

June 6, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025

Start BTC, DOGE and ETH mining today!

June 6, 2025

AI increases artistry as an innovative creation at NVIDIA GTC Paris.

June 6, 2025

JPMORGAN accepts Bitcoin ETF with loan collateral: How investors can benefit

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

The HBAR price aims for $ 0.40 when a big decision of the SEC comes.

June 6, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025

Why is the ecosystem of the SEI network boom in the second quarter?

June 6, 2025
Most Popular

BVBcoins Scam Cryptocurrency Trading Platform

February 20, 2024

ChatCrypto Announces Groundbreaking AI Subscription Product with Token Burn Mechanism – Blockchain News, Opinion, TV & Careers

December 5, 2023

If the SOL price is $ 110, the Solana tvL is reduced by 40% if the additional loss is dangerous.

February 27, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.