TL;DR
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Last week the German government sold $2.2B worth of long-held Bitcoin, and prices actually went up (?) starting the week at ~$55k, and ended it at ~$60k (a ~$100B increase in market cap).
Full Story
You know that scene in Pulp Fiction where Vincent and Jules get shot at point blank and by some miracle not a single bullet hits them?
Watching the crypto markets this past week has felt akin to that.
(You thought we were about to lead in to a Trump story, didn’t you? Well, we weren’t. That’s the next article).
Throughout last week the German government flooded the market with $2.2B worth of long-held Bitcoin — at what was possibly the worst time to do it, after BTC had bled out to $54k (the lowest it had been since Feb).
…but somehow, Bitcoin came out unscathed.
In fact, better than unscathed! It started the week at ~$55k, and ended it at ~$60k (that’s a total increase of ~$100B in market cap).
Here’s why this is making us optimistic about the coming months:
The summer months usually lead to lulls in trading volume and price appreciation, which makes markets particularly susceptible to larger than average price dips when big sell offs happen.
(There aren’t enough buyers to absorb the new supply of BTC, so the price dips to entice sales).
We just saw a very public and concentrated sell off in the middle of summer, and we came out the other side better for it.
Just imagine what might happen when everyone is back from summer break, ready to buy-in to the end of year frenzy!
