The global crypto market has had a notable decline today, with the market cap decreasing by 2.37% to $2.26 trillion at press time. This shift coincides with movements of Bitcoin by the German government and fluctuations in Bitcoin ETF inflows.
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German Government’s Bitcoin Movements
The German Federal Criminal Police Office (BKA) recently transferred 832.74 BTC to various exchanges. These were valued at approximately $51.97 million according to Spotonchain data.
Of this amount, 282.74 BTC ($17.64 million) was sent to Bitstamp, Coinbase, and Kraken. This transaction, identified by the transaction ID 4c79beb6276d8a8a75622a37e264d94414b363f7a231be63f2f368ab430dcbe0, reflects ongoing movements by the German government.
Since June 19, 2024, the German government has moved a net amount of 6,000 BTC, worth about $382 million, at an average price of $63,700 per BTC. Despite these transactions, the German government still holds 43,859 BTC, valued at $2.75 billion, across six addresses.
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Show more +Bitcoin ETF Net Inflows Update
In addition to these movements, Spotonchain noted that the Bitcoin Spot ETF market saw a net outflow of $14 million on July 2, 2024. This marks a slight downturn after five days of positive net inflows.
Notably, the Grayscale Bitcoin Trust (GBTC) experienced a single-day outflow of $32.4 million, which outweighed the combined inflows of other Bitcoin ETFs.
Conversely, BlackRock’s iShares Bitcoin Trust (IBIT) had the largest inflow of the day, amounting to $14.1 million. Despite the recent dip, the cumulative total net inflow for Bitcoin Spot ETFs after 119 trading days remains substantial at $14.64 billion.
Related: Bitcoin Miners Go On a Massive Selling Spree – Here’s Why
Market Reactions and Future Outlook
These movements in Bitcoin holdings and ETF inflows have contributed to the current market volatility. The German government’s strategic decisions and the performance of major Bitcoin ETFs will likely continue to influence markets.
Overall, the combination of substantial Bitcoin transactions by the German government and fluctuating ETF inflows has led to notable shifts in the crypto market.
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