German government having second thoughts. - page 3.

NeuroticFish

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Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

I was reading another article earlier today, and the article stated that they bought back some bitcoin after the market dump as a result of panic selling as they moved that heavy amount of BTC to exchanges.

Don't tell me that the German govt is playing pump and dump games on Bitcoin market...
However, if your source is correct, it looks like it's the case...

Let's see what will they say they did. It would make sense to take a break until mt.gox hysteria ends and the price goes back to up trend.
On the other hand, government related tasks are more like a train: start slow and also slow to stop. So.. did they buy back or not?!

fuguebtc

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They have no intention of reconsidering, they are continuing to deposit larger amounts of bitcoin into various exchanges today. After sending 155 million USD this morning, they also just sent 8100 BTC to exchanges, of which 200 million USD was sent to Flow Traders. My guess is that they are looking to sell out rather than hold any bitcoin and the bitcoin price continues to fluctuate with this news. In the short term, it looks like this will be negative news that causes panic and we need to brace ourselves. But in the long run, it will be good for us because ultimately we won't have any impact from them once they sell all those bitcoins.

https://x.com/ArkhamIntel/status/1810315954431176898

shinratensei_

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Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

It appears that maybe they actually did not sell off all the deposits they made across the 3 major exchanges; maybe their plan was probably to manipulate the market, or there could also be a possibility that they sold out some of those coins and later bought them back after the market dropped below $55,000.

Pretty doubtful with this maybe people just become so afraid they took out their buy orders once they know that german government moving their BTC to exchange addresses.
a bad news can indeed be quite shocking to the BTC holders many of times it amplifies the bearish sentiment.

but the final gesture of actually settling things over OTC saved the market from going down further, honestly market could easily eat up all those BTC but man the news about it is what causes people to make a big deal out of it.
Even recent sell off actually amounts to more than the amount of BTC mt.gox is trying to distribute.

STT

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1915 BTC is only 107m and I dont think thats a weight great enough to alter the balance of market order books globally. The German government being the seller is the bigger factor, the perception is moving the market and Im surprised to hear they have 40,000 in reserves. That entire amount would count as something but still its not a proper reason to move a market price around the world.

In conjunction with other factors, a whole series of moves in a trend then yea it matters but not by itself. Just another story that is written to go with the market moves, valid news but its a label not the actual content of what is moving the market imo.

tabas

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I do not think that's a guarantee just because they've pulled back those Bitcoins. They're playing the market and probably thought that there's no way that Bitcoin is the same as their cash that they can have it more if they want to as it's limited supply.

Quote from: Rabata on July 07, 2024, 05:18:34 PM

The German government has applied a good strategy. After they panicked ordinary investors by selling bitcoins and raising the pacer of sales in the market, they again bought 1915 bitcoins using various exchanges. Here they bought bitcoins from the market at a lower price after selling at a higher. They profited but lost who panicked and quickly sold Bitcoin.

It's a common strategy that even the financial institutions apply. I've been seeing that type of strategy since I was new on this market.

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Quote from: Zaguru12 on July 07, 2024, 04:13:21 PM

Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

It appears that maybe they actually did not sell off all the deposits they made across the 3 major exchanges; maybe their plan was probably to manipulate the market, or there could also be a possibility that they sold out some of those coins and later bought them back after the market dropped below $55,000.

They definitely didn’t sell off all the coins that’s why the remaining 1915 are coming back. Also they didn’t want to Manipulate the market because I don’t see reasons, from even their strategy of selling that’s using three different exchanges and also spreading the sales into days because they started sell off since first of July they didn’t want it to impact the market but it got caught up with other sell offs like Mt.Gox refund and also movement of large amount from US addresses were what caused the FUD to intensify the fall not necessarily them alone. probably that’s why they had a second thought and stop selling

If they will continue selling, the price will just go down and they won't get a lot from it. If they are not in a hurry to sell, better sell those bitcoins in a staggered basis. In that way, they will earn more from this sell-off. Dumping those coins all at once may influence the btc market, but it will only be for short-term.

Quote from: Rabata on July 07, 2024, 05:18:34 PM

The big whales have all sorts of plans to dump the market as a strategy to get the German government to sell their bitcoins. However, holders and traders should be aware of such activities because the amount of BTC they are trying to sell is not a huge amount according to the Bitcoin market, but their selling has a negative effect on the crypto market as a whole. But it certainly won't take long to get rid of this position. If one of the big whales announces more bitcoin purchases I think it won't take long for the market to go back to its previous position. However, this dump in the market could certainly encourage more bullish action in the future.

The German government has applied a good strategy. After they panicked ordinary investors by selling bitcoins and raising the pacer of sales in the market, they again bought 1915 bitcoins using various exchanges. Here they bought bitcoins from the market at a lower price after selling at a higher. They profited but lost who panicked and quickly sold Bitcoin.

As we have seen btc throughout the years, this sell-off won't cripple its market. The price may go down, but sooner or later, it will recover again. This was not the first time that an organization sold a big chunk of bitcoins in the market. And we all know the drill here.

Rabata

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The big whales have all sorts of plans to dump the market as a strategy to get the German government to sell their bitcoins. However, holders and traders should be aware of such activities because the amount of BTC they are trying to sell is not a huge amount according to the Bitcoin market, but their selling has a negative effect on the crypto market as a whole. But it certainly won't take long to get rid of this position. If one of the big whales announces more bitcoin purchases I think it won't take long for the market to go back to its previous position. However, this dump in the market could certainly encourage more bullish action in the future.

The German government has applied a good strategy. After they panicked ordinary investors by selling bitcoins and raising the pacer of sales in the market, they again bought 1915 bitcoins using various exchanges. Here they bought bitcoins from the market at a lower price after selling at a higher. They profited but lost who panicked and quickly sold Bitcoin.

Zaguru12

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Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

It appears that maybe they actually did not sell off all the deposits they made across the 3 major exchanges; maybe their plan was probably to manipulate the market, or there could also be a possibility that they sold out some of those coins and later bought them back after the market dropped below $55,000.

They definitely didn’t sell off all the coins that’s why the remaining 1915 are coming back. Also they didn’t want to Manipulate the market because I don’t see reasons, from even their strategy of selling that’s using three different exchanges and also spreading the sales into days because they started sell off since first of July they didn’t want it to impact the market but it got caught up with other sell offs like Mt.Gox refund and also movement of large amount from US addresses were what caused the FUD to intensify the fall not necessarily them alone. probably that’s why they had a second thought and stop selling

Stalker22

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Quote from: darkangel11 on July 07, 2024, 02:21:08 PM

Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

maybe their plan was probably to manipulate the market,

I don't think so. It's the government, it can allow itself to be accused of manipulating the price, dumping to liquidate traders and buy back.
They're selling because this was seized money and they don't need a bitcoin position, but want to get EUR for it. The problem is they could get more by selling OTC, but someone irresponsible was charged with selling coins, so that person thought they were smart and moved BTC to a number of exchanges to spread it, so that it doesn't put too much pressure on 1 exchange, but I don't think they realized how shallow the market was and how deep this sale would take the price. Once they did their thing and saw the price drop by 20% they stopped.

Yes, maybe someone just messed up. But come on, we are talking about the third-largest economy in the world! They gotta have at least one brainiac who could have seen this market impact coming a mile away, right? Especially since those wallet addresses were public knowledge, everyone was watching them! It is easy to imagine someone on the inside, someone who knew the whole plan, trying to game the system for their own gain. You know how it goes with money, people see an opportunity... And hey, remember that insider at the SEC who tried to mess with Bitcoin ETFs? Same idea. Now they are probably scrambling to fix things after realizing what a blunder this was.

darkangel11

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Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

I was reading another article earlier today, and the article stated that they bought back some bitcoin after the market dump

According to the Forbes article they pulled back ~2k BTC but the amount they sent to exchanges was 7800 BTC. The rest was sold and caused the liquidations and the drop in spot price.
They did not buy back anything. There are articles like this one circulating in the Internet that suggest they bought some coins back. IMO there was no buyback and many sources seem to support that. They stopped selling and moved the rest of the coins back to their wallet.

Quote from: Orpichukwu on July 07, 2024, 02:10:14 PM

maybe their plan was probably to manipulate the market,

I don't think so. It's the government, it can't allow itself to be accused of manipulating the price, dumping to liquidate traders and buy back.
They're selling because this was seized money and they don't need a bitcoin position, but want to get EUR for it. The problem is they could get more by selling OTC, but someone irresponsible was charged with selling coins, so that person thought they were smart and moved BTC to a number of exchanges to spread it, so that it doesn't put too much pressure on 1 exchange, but I don't think they realized how shallow the market was and how deep this sale would take the price. Once they did their thing and saw the price drop by 20% they stopped.

Orpichukwu

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I was reading another article earlier today, and the article stated that they bought back some bitcoin after the market dump as a result of panic selling as they moved that heavy amount of BTC to exchanges.

But from the information I got from X

Quote

Update: German Government BTC Movements German Government wallets received 1915 BTC ($111.5M) last night back from addresses linked to Kraken, Bitstamp and Coinbase. 1047.4 BTC ($57.2M) has been moved out of their wallets this morning: -547.4 BTC ($30.1M) to Flow Traders -500 BTC ($27.1M) to 139Po (likely deposit for institutional/OTC service)

It appears that maybe they actually did not sell off all the deposits they made across the 3 major exchanges; maybe their plan was probably to manipulate the market, or there could also be a possibility that they sold out some of those coins and later bought them back after the market dropped below $55,000.

darkangel11

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So, as you guys probably know the most of this recent pullback was caused by two main factors. The German government selling bitcoins worth close to $400 million and a liquidation of long positions that this caused. As a result people called out Germany for dumping bitcoin to manipulate the market and not being smart enough to sell OTC. There were even people who offered to buy their coins. Finally, there were German politicians who questioned the move, since this not only was a loss for Germany, but also other market participants. They could easily get a better price if they sold OTC.
Now it looks like Germany pulled back the last 1915 BTC from exchanges, so it looks like we won't see any dumps from them for some time. Still, the damage was done, but maybe we needed some liquidations to move forward?
Here's the article.

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