Summary
- The German Government just sold almost 3,607 BTC.
- However, a market indicator shows an upcoming bull cycle in 2024.
According to the latest reports coming from Arkham, the German Government sold almost 3,607 Bitcoins worth about $361 million at current prices.
In a new post on X, Arkham noted that in the past few hours, the German Government has sent 6.3069 BTC to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service) to the address bc1qu.
According to their data, since yesterday’s movements, the German Government received 5,366 BTC back from exchanges including Kraken, Bitstamp, and Coinbase.
Arkham noted that the German Government is currently holding 22,847 BTC worth about about $1.3 billion.
Market Indicator Shows Unique Opportunity
According to the latest reports coming from CryptoQuant, a market indicator is showing an opportunity that comes once within a bull cycle.
Their data quotes important information from popular investor Crypto Dan, revealing the important indicator.
According to him, on-chain data shows just how high the profits earned by miners are.
He noted that this indicator is generally good for finding the bottom of a bear market, but it is also good for anticipating the end of a correction period within a bull market.
The red-circled areas are cases where miners’ profitability decreases rapidly in a bull cycle and this indicator drops.
He noted that the indicator fell significantly during the bull cycle in 2016 and 2020, followed by the beginning of Bitcoin’s strong rise.
In 2024, similar movements have been detected, and although the exact end of the adjustment period is difficult to pinpoint, it can be expected that it is not too far away, according to him.
He said that it is likely that we will see the start of a bull rally within the Q3 of 2024.
At the moment of writing this article, Bitcoin is trading around $57,300, and the coin is up by almost 1% in 24 hours.