On June 19, when the German government, which started making Bitcoin transfers, started sales, Bitcoin was over $65,000. It is a matter of curiosity how much further the price, which is currently around $57,000, will fall…

There’s 27 thousand more BTC

The Germans made their biggest sale yesterday. First, 16,000 BTC worth about $900 million were sent to exchanges. Then, 3673 BTC worth 206 million dollars returned to the wallet. After the number of BTC in the wallet dropped to 23,000, it finally increased to 27,461 with the returned Bitcoins.

Ki Young Ju: Smart money is replacing dumb money

In recent days, many experts have been commenting on the German sales and Mt. Gox transfers, Ki Young Ju was one of those who joined the debate. Ju, CEO of on-chain data tracking firm CryptoQuant, said that the declines are not a big deal and are a buying opportunity:

“Bitcoin market is still heavily influenced by psyops. Govt BTC selling is negligible compared to overall liquidity, and most Mt. Gox BTC holdings haven’t moved to creditors. CT still blames the drop on govt selling. Smart money is replacing dumb money. We’re still early.”

Crypto analyst Alex Krüger also claimed that the Mt. Gox sales will cause a maximum 10% drop from this level and said, “The market is capable of digesting all sales.”