The recent news in the crypto world has been dominated by reports of the German government selling off large amounts of Bitcoin, which has had a negative impact on the price of Bitcoin and the broader crypto market. This selling pressure has sent the entire market into the red, with many investors feeling the effects. While the German government has been the most visible seller during this time, they are not the only entity offloading their Bitcoin holdings.
One such entity is Genesis Trading, which filed for Chapter 11 bankruptcy in New York back in January 2023. After a resolution in May 2024, where the court ordered Genesis Trading to return funds to its customers, the entity has begun the process of returning these funds. Some customers are being paid in cash, while others are receiving cryptocurrency payments. Recently, Genesis Trading has started selling Bitcoin from its $2 billion stash, with data from Arkham Intelligence showing significant Bitcoin transactions over the last month.
Looking at the history of Genesis Trading’s transactions in June, it is evident that the company has been sending large amounts of Bitcoin to the Coinbase exchange. On various dates in June, Genesis Trading sent significant amounts of Bitcoin to Coinbase, totaling 7,074.4189 BTC with a total dollar value of $466.65 million. While this volume is less than the German government’s sell-offs, it has still contributed to the selling pressure on Bitcoin.
The German government, on the other hand, had a total of 50,000 BTC seized from operators of the piracy website Movie2k. With continuous selling, the German government has sold off over 40,000 BTC, leaving them with less than 5,000 BTC at the time of writing. This depletion of their holdings is expected to ease up the sell-offs in the market once they run out of BTC.
Overall, the selling pressure from entities like Genesis Trading and the German government has had a significant impact on the Bitcoin price and the broader crypto market. Investors are closely watching these developments to gauge the market sentiment and potential future price movements. As the market continues to react to these sell-offs, it remains to be seen how the Bitcoin price will fare in the coming weeks and months.
