Did You Miss This? Other Parties Also Selling Bitcoin Besides the German Government | Bitcoinist.com
The recent buzz in the crypto community has been all about the German government selling significant amounts of Bitcoin. These sell-offs have had a negative impact on the price of Bitcoin and the overall crypto market, pushing everything into the red. While the German government has been a major seller during this period, they are not alone in offloading their Bitcoin holdings.
Genesis Trading Starts Selling $2 Billion Bitcoin Stash
Amidst the German Government’s Bitcoin sell-offs, other entities selling BTC have started to emerge. One of them is Genesis Trading, which declared bankruptcy in New York in January 2023.
After a resolution in May 2024, where the court instructed Genesis Trading to return funds to its customers, the entity appears to be in the early stages of refunding these funds. Some customers are being paid in cash while others in cryptocurrency.
Taking to X (formerly Twitter), crypto trader @0xGumshoe disclosed that Genesis has begun selling BTC from its massive $2 billion Bitcoin stash. According to data from the on-chain analytics platform Arkham Intelligence, the entity has sold a significant amount of Bitcoin in the last month.
are you serious
I cannot believe that Genesis is now selling their $2B worth of Bitcoin
We’re not even finished with Germany FFS pic.twitter.com/GhW3uUjYjV
— gumshoe (@0xGumshoe) July 11, 2024
Reviewing the history shows that Genesis Trading conducted a total of six Bitcoin transactions in June, all directed to the Coinbase exchange. On June 12, 2024, the bankrupt company sent 756.282 BTC to Coinbase, valued at $52.93 million at that time.
On June 13, 2024, they sent 670.5 BTC valued at $45.8 million to the crypto exchange. The following day, June 14, 2024, saw a transaction of 1,209.1 BTC, worth $81.16 million, heading to the exchange.
The fourth notable transaction occurred on June 18, 2024, where the Genesis Trading wallet transferred 1,496.2689 BTC to the Coinbase exchange, valued at $97.15 million. Two days later, on June 20, 2024, Genesis Trading sent another 811 BTC to Coinbase, worth $52.82 million at the time.
The final transaction on June 21, 2024, involved 2,131.268 BTC sent to the Coinbase exchange, with a value of $136.79 million. This was the largest single transaction made by the entity to the exchange, and no other Bitcoin transactions have been recorded since then.
In total, Genesis Trading sold 7,074.4189 BTC, amounting to a total of $466.65 million. Although this volume is lower than the German government’s sell-offs, it is still significant and has added to the selling pressure on Bitcoin.
German Government Depleting BTC Reserves
The selling spree by the German government may be winding down after a turbulent period for the market. Initially, the German government held 50,000 BTC seized from the operators of the piracy website Movie2k.
But with continuous selling, the reserves have been rapidly decreasing, with over 40,000 BTC already sold. Currently, the German government has less than 5,000 BTC remaining. This is a positive development for the market as the sell-offs are expected to diminish once the dumping stops.
BTC price rejected at $58,000 resistance again | Source: BTCUSD on Tradingview.com
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