Bitcoin
ICYMI: The German Government Is Not The Only Entity Selling Bitcoin
Over the last month, the crypto airwaves have been filled with reports of the German government selling large amounts of Bitcoin. These sell-offs have negatively impacted the Bitcoin price, as well as the broader crypto market, sending the whole market into the red. However, while the German government has been the most prominent seller during this time, it is not the only entity that has been offloading its Bitcoin holdings.
Genesis Trading Begins Selling $2 Billion Bitcoin Stash
In the fray of the German Government’s Bitcoin sell-offs, other entities selling BTC have swam into the background, but not for long. One of those is Genesis Trading, which filed for Chapter 11 bankruptcy in New York back in January 2023.
Following a resolution in May 2024, when the court ordered that Genesis Trading return funds to its customers, the entity seems to have begun the early stages of returning these funds to its customers. Some of these customers are being paid in cash and others in cryptocurrency.
Taking to X (formerly Twitter), crypto trader @0xGumshoe revealed that the entity has begun selling BTC out of its massive $2 billion Bitcoin stash. According to data from the on-chain analytics platform Arkham Intelligence, the entity has sold a notable amount of Bitcoin over 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
Looking through the history, it shows that Genesis Trading has carried out a total of six Bitcoin transactions in the month of June, all headed to the Coinbase exchange. On June 12, 2024, the bankrupt company sent 756.282 BTC to Coinbase, worth $52.93 million at the time.
On June 13, 2024, it sent 670.5 BTC worth $45.8 million to the crypto exchange. The next transaction took place a day later on June 14, 2024, with 1,209.1 BTC, worth $81.16 million, making their way to the exchange.
The fourth notable transaction was on June 18, 2024, when the Genesis Trading wallet sent 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 exchange, worth $52.82 million at the time.
Last but not least was the transaction on June 21, 2024, carrying 2,131.268 BTC to the Coinbase exchange, worth $136.79 million. This was the largest single transaction made by the entity to the exchange, and there have been no other Bitcoin transactions since then.
In total, Genesis Trading offloaded 7,074.4189 BTC, bringing the total dollar value to $466.65 million. Although this volume is way less than the German government’s sell-offs, it is still significant nonetheless and has contributed to the selling pressure felt by the pioneer cryptocurrency.
German Government Running Out Of BTC
The German government’s selling may be coming to an end after a particularly scary run for the market. At the start, the German government had a total of 50,000 BTC, which was seized from the operators of the piracy website Movie2k.
However, with the incessant selling, the holdings have been rapidly depleted, with over 40,000 BTC sold off 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-offs are expected to ease up once the dumping ends.
Featured image created with Dall.E, chart from Tradingview.com