Analysis: MicroStrategy continues to buy BTC to offset the selling pressure from the German government

ChainCatcher news, according to Cointelegraph, some analysts believe that the German government's large-scale sale of Bitcoin is a reason for the downturn in the cryptocurrency market. Additionally, traders are concerned that the stock market may have peaked and that the U.S. fiscal situation is weakening.

Previously, on-chain crypto analytics firm Arkham monitored that a wallet associated with the German government transferred 6,500 BTC to exchanges on June 19, valued at $425 million at the time. This wallet held nearly 50,000 BTC, reportedly seized from the piracy website Movie2k, which has been operating since 2013. Data indicates that these BTC were sent to Kraken, Bitstamp, and Coinbase.

However, due to MicroStrategy revealing an additional purchase of 11,931 BTC for $786 million, MicroStrategy's buying has offset the selling pressure.