Germany’s government offloaded the last of its Bitcoin (BTC) holdings on July 12, according to data from Arkham Intelligence.
The final transaction included 3,093 Bitcoin sent to a wallet address ending in “ybVu” and came following weeks of increased selling pressure from the German government, which offloaded tens of thousands of Bitcoin in several tranches.
Most of the 50,000 Bitcoins dumped by the German government over the last three weeks resulted from an asset seizure and was largely responsible for keeping the market below the $60,000 price point and its 200-day exponential moving average.
During the heightened selling pressure, institutional investors bought the dip. Data from CoinShares revealed that United States exchange-traded fund (ETF) investors raked in $295 million in inflows for the week of July 8, reversing several weeks of suppressed inflows into the investment funds.
However, selling pressure from the $9 billion Mt. Gox reimbursement plan may keep the price of Bitcoin suppressed in the coming weeks and sustain the climate of fear, uncertainty, and doubt that has plagued the market in recent months.