German-Bitcoin sell-off: With BTC worth $551M sold, is the king’s crown slipping?
What bearish signal is the Money Flow Index showing for BTC?
The Money Flow Index (MFI) for BTC is showing a bearish signal as it moves southward, indicating a potential end to Bitcoin's bull rally. This downward movement in MFI suggests a decrease in buying pressure and potential selling pressure, which could lead to a reversal in price.
How much BTC did the German government recently sell?
The German government recently sold 9,634 BTC, worth over $551 million, transferring the funds to exchanges such as Kraken, FlowTraders, Coinbase, Bitstamp, Cumberland, and B2C2Group. This sale is part of a larger sell-off that began in mid-June, with the German government having sold a total of 24,304 BTC, valued at $1.44 billion, and still holding 28,988 BTC at the time of the report.
What was BTC's market price at the time of writing?
At the time of writing, BTC's market price was $57,290.27, with a market capitalization of over $1.129 trillion. The German government's recent transfer of 9,634 BTC, worth over $551 million, to various exchanges has raised concerns about the potential negative impact on the coin's price action and the sustainability of BTC's bull rally.