Over the past month, the crypto ether waves have been filled with reports of the German government sells large amounts of Bitcoin. These sell-offs have had a negative impact on the Bitcoin price, as well as the broader crypto market, pushing the entire market into the red. While the German government has been the most prominent seller during this time, it is not the only entity to have shed its Bitcoin holdings.
Genesis Trading Begins Selling $2 Billion in Bitcoin Inventory
In the battle over the German government’s Bitcoin sell-off, other entities selling Bitcoin are BTC have faded into the background, but not for long. One of them is Genesis Trading, which has filed for Chapter 11 bankruptcy in New York in January 2023.
After a resolution in May 2024when the court ordered Genesis Trading to return money to its clients, the entity seems to have started the first steps to return this money to its clients. Some of these clients are paid in cash and others in cryptocurrency.
Speaking to X (formerly Twitter), crypto trader @0xGumshoe revealed that the entity has begun selling BTC from its massive $2 billion Bitcoin stash. According to facts from on-chain analytics platform Arkham Intelligence, the entity has sold a significant amount of Bitcoin over the past month.
are you serious
I can’t believe Genesis is now selling their $2 billion worth of Bitcoin
We’re not even done with Germany FFS yet photo.twitter.com/GhW3uUjYjV
— prutsschoen (@0xGumshoe) July 11, 2024
Looking at history, we see that Genesis Trading executed a total of six Bitcoin trades in the month of June, all of which went to the Coinbase ExchangeOn June 12, 2024, the bankrupt company sent 756,282 BTC to Coinbase, worth $52.93 million at the time.
On June 13, 2024, 670.5 were shipped BTC worth $45.8 million on the crypto exchange. The next transaction took place a day later on June 14, 2024, with 1,209.1 BTCworth $81.16 million, are finding their way to the stock exchange.
The fourth notable transaction occurred on June 18, 2024, when the Genesis Trading wallet received 1,496.2689 BTC to the Coinbase crypto exchange, worth $97.15 million at the time. Two days later, on June 20, 2024, Genesis Trading sent another 811 BTC to the Coinbase Exchangeworth $52.82 million at the time.
Last but not least was the transaction on June 21, 2024, which brought 2,131,268 BTC to the Coinbase exchange, worth $136.79 million. This was the largest single transaction the entity made to the exchange, and there have been no other Bitcoin transactions since then.
In total, Genesis Trade 7,074.4189 BTC were unloaded, bringing the total dollar value to $466.65 million. While this volume is much less than the German government sell-outbut it is still important and has contributed to the selling pressure felt by the groundbreaking cryptocurrency.
German government runs out of BTC
The German government’s selling may be coming to an end after a particularly scary run on the market. In the beginning, the The German government had a total of 50,000 BTCwhich was seized from the operators of the piracy website Movie2k.
But due to continued sales, the assets are quickly depletedwith over 40,000 BTC sold so far. At the time of writing, the German government had less than 5,000 BTC left. This is good news for the market, as the sell-off is expected to taper off once the dumping ends.
Main image created with Dall.E, chart from Tradingview.com