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Analysis

Germangovernment is testing BTC for real demand...and failing

As WhaleWire analyst Jacob King told X, "The German government is not trying to raise a few hundred million dollars by selling the seized Bitcoin. It's trying to test how much real demand there is for BTC to assess its financial stability and security," he said. "Considering that BTC is already...

Germangovernment is testing BTC for real demand...and failing

As WhaleWire analyst Jacob King told X, "The German government is not trying to raise a few hundred million dollars by selling the seized Bitcoin. It's trying to test how much real demand there is for BTC to assess its financial stability and security," he said. "Considering that BTC is already down 25% before the test has even begun, and nearly 48% of orders are being rejected because there aren't enough buyers, it's safe to say the test is failing. Germany has sold $5.25 billion worth of BTC so far, but the price is down 25%. There are few real buyers, and the entire market is propped up by stablecoins. What will happen to the price when the US, China, and the UK sell the $30 billion worth of BTC they have seized and are holding?" he added. The German government was previously reported to have deposited a total of 5,650 BTC into exchanges as of Aug. 8.

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