A cryptocurrency wallet labeled by the “German Government (BKA)” has recently sold another $52 million worth of Bitcoin, raising suspicions that the government might be offloading its significant BTC holdings.
On July 2, the wallet linked to the German government moved 832.7 Bitcoin in four separate transactions. According to Arkham Intelligence data, 100 BTC was sent to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken.
A significant portion, 550 BTC worth over $32 million, was transferred to the wallet “139Po.”
This wallet, whose owner remains unidentified, has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20.
Monitoring the selling patterns of entities holding large amounts of Bitcoin can offer investors critical insights into the cryptocurrency’s price movements, as substantial sell orders can exert downward pressure on prices.
The BKA-labeled wallet, holding over 43,850 BTC valued at more than $2.75 billion, has the potential to impact Bitcoin’s price due to the threat of further selling pressure.
Since the beginning of June, Bitcoin’s price has been on a decline, dropping over 7.3% in the past month.
BTC found a local bottom above $58,450 on June 24 before recovering to above $62,000, as per Bitstamp data, cited by Los Angeles Oracle.
Bitcoin has established strong support at the $61,500 level.
READ MORE: Cryptocurrency ATM Installations Surge Globally, Approach Record Highs in 2024
However, a drop below this level could trigger the liquidation of over $1 billion in cumulative leveraged long positions across all exchanges, according to Coinglass data.
Apart from the largest transfer of $32 million, the rest of the Bitcoin was moved to centralized exchanges, suggesting that the German government may be planning to sell its Bitcoin.
Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comments.
The German government-labeled wallet first drew attention on June 19 when it executed a 6,500 BTC transfer worth over $425 million.
Prior to this transfer, the wallet had held nearly 50,000 BTC since February 2024.
These funds are believed to have been seized from the pirate movie website operator, Movie2k.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Runes, a new token standard on the Bitcoin blockchain, has seen a drastic decline in its daily transaction volume, dropping by more than 88% from its peak in June.
According to data from Dune Analytics analyzed by Crypto Koryo, the average daily transactions for Runes from June 22–28 fell sharply to 37,820.
This marks a significant decrease of nearly 90% compared to the 331,040 daily average recorded between June 9–15.
On June 24 alone, there were 23,238 transactions, the lowest since Runes launched during Bitcoin’s fourth halving event on April 20.
Runes transactions have consistently represented between 4.9% and 11.1% of all Bitcoin transactions over the past week.
The sharp decline in Runes transactions has had a notable impact on Bitcoin miner fees, particularly in the aftermath of the recent halving event.
READ MORE: Bitdeer Secures 30-Year Lease for Ohio Mining Site, Plans Massive Power Expansion
Over the last six days, Runes have contributed less than 2 Bitcoin in miner fees, a stark drop from its record high of 884 Bitcoin on April 24.
In comparison, fees from Ordinals inscriptions and BRC-20 tokens have also been minimal during this period.
Initially seen as a promising new revenue stream for miners who traditionally relied on peer-to-peer Bitcoin transfers for network fees, both Runes and Ordinals managed to offset the 50% reduction in block subsidy immediately after the April 20 halving event.
However, since then, trading volumes have shown significant unpredictability.
Runes, introduced by Ordinals inventor Casey Rodarmor on April 20, was touted as a more efficient alternative to creating new tokens on the Bitcoin network compared to the BRC-20 standard and other solutions.
Yet, the decline in network fees coupled with Bitcoin’s price fluctuations has led to a decrease in Bitcoin’s hash price, a critical metric for measuring miner revenue, approaching its lowest level in history.
Meanwhile, Bitcoin miner reserves dropped to 1.90 million Bitcoin on June 19, the lowest in over 14 years when measured in Bitcoin terms.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The global presence of cryptocurrency ATMs has surged by 17.8% over the past year, reaching 38,279 units, approaching the previous peak of 39,541 set in December 2022.
According to Coin ATM Radar’s latest data for 2024, there have been 2,564 new installations, marking a notable turnaround from the net loss of 2,861 machines in 2023.
From July 2023 to May 2024, installations consistently rose, with June alone seeing a rebound of 377 machines after a slight dip of 115 in May.
Bitcoin Depot leads the market with 7,543 ATMs, followed by Coinflip with 5,057, and Athena Bitcoin with 2,756 units.
Bitcoin remains the dominant cryptocurrency transacted, alongside Bitcoin Cash, Ether, and Litecoin.
The United States hosts over 82% of all cryptocurrency ATMs globally, with Canada following at 7.7%.
READ MORE: Jamaal Bowman Loses Democratic Primary Amid Major PAC Opposition
Australia has shown remarkable growth, expanding nearly 17-fold to 1,107 machines over the past two years, positioning itself to potentially surpass Europe’s 1,584 ATMs.
Other significant countries in the cryptocurrency ATM market include Spain (313), Poland (279), El Salvador (215), Germany (177), and Hong Kong (169), with Romania, Georgia, Switzerland, Austria, and New Zealand each hosting over 100 ATMs.
Despite a decline in installations from December 2022 to July 2023, hitting a low of 32,764, the trend has reversed since then.
BitAccess, a prominent ATM manufacturer, saw its installations drop initially but has since rebounded with a net increase of 1,208 machines.
Overall, 72 countries among the 193 United Nations-recognized nations now feature cryptocurrency ATMs, underscoring the growing global adoption of digital currencies in everyday transactions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The global presence of cryptocurrency ATMs has surged by 17.8% over the past year, reaching 38,279 units, approaching the previous peak of 39,541 set in December 2022.
According to Coin ATM Radar’s latest data for 2024, there have been 2,564 new installations, marking a notable turnaround from the net loss of 2,861 machines in 2023.
From July 2023 to May 2024, installations consistently rose, with June alone seeing a rebound of 377 machines after a slight dip of 115 in May.
Bitcoin Depot leads the market with 7,543 ATMs, followed by Coinflip with 5,057, and Athena Bitcoin with 2,756 units.
Bitcoin remains the dominant cryptocurrency transacted, alongside Bitcoin Cash, Ether, and Litecoin.
The United States hosts over 82% of all cryptocurrency ATMs globally, with Canada following at 7.7%.
READ MORE: Jamaal Bowman Loses Democratic Primary Amid Major PAC Opposition
Australia has shown remarkable growth, expanding nearly 17-fold to 1,107 machines over the past two years, positioning itself to potentially surpass Europe’s 1,584 ATMs.
Other significant countries in the cryptocurrency ATM market include Spain (313), Poland (279), El Salvador (215), Germany (177), and Hong Kong (169), with Romania, Georgia, Switzerland, Austria, and New Zealand each hosting over 100 ATMs.
Despite a decline in installations from December 2022 to July 2023, hitting a low of 32,764, the trend has reversed since then.
BitAccess, a prominent ATM manufacturer, saw its installations drop initially but has since rebounded with a net increase of 1,208 machines.
Overall, 72 countries among the 193 United Nations-recognized nations now feature cryptocurrency ATMs, underscoring the growing global adoption of digital currencies in everyday transactions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Runes, a new token standard on the Bitcoin blockchain, has seen a drastic decline in its daily transaction volume, dropping by more than 88% from its peak in June.
According to data from Dune Analytics analyzed by Crypto Koryo, the average daily transactions for Runes from June 22–28 fell sharply to 37,820.
This marks a significant decrease of nearly 90% compared to the 331,040 daily average recorded between June 9–15.
On June 24 alone, there were 23,238 transactions, the lowest since Runes launched during Bitcoin’s fourth halving event on April 20.
Runes transactions have consistently represented between 4.9% and 11.1% of all Bitcoin transactions over the past week.
The sharp decline in Runes transactions has had a notable impact on Bitcoin miner fees, particularly in the aftermath of the recent halving event.
READ MORE: Bitdeer Secures 30-Year Lease for Ohio Mining Site, Plans Massive Power Expansion
Over the last six days, Runes have contributed less than 2 Bitcoin in miner fees, a stark drop from its record high of 884 Bitcoin on April 24.
In comparison, fees from Ordinals inscriptions and BRC-20 tokens have also been minimal during this period.
Initially seen as a promising new revenue stream for miners who traditionally relied on peer-to-peer Bitcoin transfers for network fees, both Runes and Ordinals managed to offset the 50% reduction in block subsidy immediately after the April 20 halving event.
However, since then, trading volumes have shown significant unpredictability.
Runes, introduced by Ordinals inventor Casey Rodarmor on April 20, was touted as a more efficient alternative to creating new tokens on the Bitcoin network compared to the BRC-20 standard and other solutions.
Yet, the decline in network fees coupled with Bitcoin’s price fluctuations has led to a decrease in Bitcoin’s hash price, a critical metric for measuring miner revenue, approaching its lowest level in history.
Meanwhile, Bitcoin miner reserves dropped to 1.90 million Bitcoin on June 19, the lowest in over 14 years when measured in Bitcoin terms.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin‘s volatility surged on June 30, with traders anticipating significant price movements.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD reached highs of $61,668 on Bitstamp, rebounding from lows of $59,950 the previous day, dipping below the crucial $60,000 mark.
This volatility raised concerns about the support for BTC prices.
“With bids under spot price and the candle close imminent, $500M+ in bids were briefly placed and open interest rose,” noted Daan Crypto Trades on X, highlighting shifts in order book liquidity.
He predicted unusual weekend price action due to the quarter-end, foreseeing “interesting moves” typical of this period.
CoinGlass data indicated $60,583 as a pivotal liquidity level, with bids extending towards $59,500. Conversely, liquidity increased as prices exceeded $61,600 during the day.
Despite a weekly decline of 2.6%, Michaël van de Poppe, CEO of MNTrading, expressed optimism, anticipating a favorable weekly candle for Bitcoin.
“The correction seems relatively complete,” he remarked, drawing comparisons with past cycles.
Q2 performance remained lackluster, with Bitcoin down by 13.8% overall, primarily driven by an 8.9% loss in June.
READ MORE: Jamaal Bowman Loses Democratic Primary Amid Major PAC Opposition
Elsewhere, a prominent trader adjusted his BTC price predictions due to ongoing market sluggishness.
BitQuant, who previously forecasted Bitcoin hitting $95,000, admitted his predictions had not materialized as expected.
“I was wrong,” he conceded, reflecting on previous overestimations of Bitcoin’s peak prices.
Despite these setbacks, he affirmed his belief in Bitcoin’s long-term growth prospects.
In conclusion, Bitcoin’s recent volatility underscored uncertainties in the market, exacerbated by quarter-end dynamics.
Traders like Daan Crypto Trades and Michaël van de Poppe offered insights into shifting market dynamics and potential price movements, amidst broader reflections on Bitcoin’s performance and future prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
After a week of net outflows, United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a reversal on June 25, with net inflows reaching $31 million.
Data from SoSo Value reveals a shift from the past seven consecutive trading days, which saw $1.1 billion in total outflows from the spot Bitcoin ETFs.
On Tuesday, June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) led net inflows with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
However, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — saw no inflows on June 25.
The same was true for ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that debuted in January have seen net inflows totaling $14.42 billion.
READ MORE: TON Blockchain Faces Rising Phishing Threats Amid Explosive 2024 Growth, Experts Warn
Recent outflows from U.S.-based spot Bitcoin ETFs have been the highest since April, when total net outflows exceeded $1.2 billion between April 24 and early May.
Despite these fluctuations, prospective U.S. issuers continue to finalize their registrations, following the approval of the ETFs by the U.S. Securities and Exchange Commission (SEC) in May.
Firms have been submitting amended Form S-1 registration statements as part of this process.
According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs could potentially begin trading in the U.S. by July 2.
On June 25, investment manager VanEck filed a Form 8-A with the SEC for its spot Ether ETF, bringing it one step closer to launching.
The price of Bitcoin rose from $61,359 on June 25 to $61,732 at the time of publication, marking a 0.6% increase, according to TradingView data.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitdeer, a prominent Bitcoin mining company, has recently secured a 30-year leasing agreement with the Monroe County Port Authority for a site located at the Hannibal Industrial Park in Clarington, Ohio.
The site, formerly an aluminum factory, already possesses the essential power infrastructure necessary for Bitdeer’s mining operations, as per the company’s announcement.
Bitdeer plans to obtain up to 570 MW of additional power from this site in two phases.
The first phase aims to deliver 266 MW by Q3 2025, with the remaining 304 MW subject to approval by utility authorities.
This move underscores Bitdeer’s strategic expansion to enhance its operational capacity.
Analyst Mark Palmer previously expressed confidence in Bitdeer, highlighting the company’s industry-leading energy efficiency with an average cost of $0.04 per kilowatt hour.
This endorsement came amidst significant developments for Bitdeer, including a notable $150 million investment from stablecoin issuer Tether in May, which involved acquiring over 18 million shares with an option for an additional 5 million shares at $10 each.
Post the April 2024 halving event, concerns over miner profitability have intensified.
READ MORE: Potential U.S. Spot Solana ETFs Could Skyrocket SOL Price by Ninefold, GSR Markets Predicts
Research by Cantor Fitzgerald revealed that many Bitcoin mining firms may face challenges, with estimated mining costs ranging from $43,913 to $62,276 per BTC.
This analysis used a market price assumption of $40,000 as the threshold for profitability, a level not yet regained post-halving.
In Cantor Fitzgerald’s assessment, Argo Blockchain Mining emerged with the highest mining costs at $62,276 per Bitcoin, followed closely by Hut8 at $60,360 per coin.
The research underscores the financial pressures facing miners amidst rising energy costs and reduced block rewards, which now stand at 3.125 Bitcoin per block.
Bitdeer’s long-term lease and expansion plans in Ohio reflect its commitment to scaling operations despite industry challenges.
The move positions Bitdeer to capitalize on its efficient energy model and strategic investments, reaffirming its role as a key player in the evolving landscape of Bitcoin mining.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
After a week of net outflows, United States-based spot Bitcoin exchange-traded funds (ETFs) experienced a reversal on June 25, with net inflows reaching $31 million.
Data from SoSo Value reveals a shift from the past seven consecutive trading days, which saw $1.1 billion in total outflows from the spot Bitcoin ETFs.
On Tuesday, June 25, the Fidelity Wise Origin Bitcoin Fund (FBTC) led net inflows with $49 million, followed by the Bitwise Bitcoin ETF (BITB) with $15 million, and the VanEck Bitcoin Trust ETF (HODL) with net inflows of $4 million.
Conversely, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $30.3 million, and the ARK 21Shares Bitcoin ETF reported $6 million in net outflows.
However, BlackRock’s iShares Bitcoin Trust ETF (IBIT) — the largest fund by assets under management — saw no inflows on June 25.
The same was true for ETFs from Invesco Galaxy, Valkyrie, and Franklin Templeton.
As of June 25, the 11 spot Bitcoin funds that debuted in January have seen net inflows totaling $14.42 billion.
READ MORE: TON Blockchain Faces Rising Phishing Threats Amid Explosive 2024 Growth, Experts Warn
Recent outflows from U.S.-based spot Bitcoin ETFs have been the highest since April, when total net outflows exceeded $1.2 billion between April 24 and early May.
Despite these fluctuations, prospective U.S. issuers continue to finalize their registrations, following the approval of the ETFs by the U.S. Securities and Exchange Commission (SEC) in May.
Firms have been submitting amended Form S-1 registration statements as part of this process.
According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs could potentially begin trading in the U.S. by July 2.
On June 25, investment manager VanEck filed a Form 8-A with the SEC for its spot Ether ETF, bringing it one step closer to launching.
The price of Bitcoin rose from $61,359 on June 25 to $61,732 at the time of publication, marking a 0.6% increase, according to TradingView data.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Former PayPal CEO Peter Thiel has cast doubt on the potential for Bitcoin’s price to surge significantly from its current levels.
The billionaire, who admits to holding “some” Bitcoin but laments not having acquired more, questions the future demand for the cryptocurrency following the recent introduction of Bitcoin ETFs.
“I’m not sure it’s going to go up that dramatically from here.
“We got the ETF edition, and I don’t know who else buys it,” Thiel commented to CNBC on June 28.
Despite his reservations, he acknowledged that Bitcoin might still see some appreciation but warned of a volatile journey ahead.
Thiel’s skepticism contrasts with his earlier admission of being “underinvested” in Bitcoin in October 2021, just before it surged to its previous peak of $69,000.
His investment firm, Founders Fund, however, boasts a profitable history with Bitcoin, having first invested in 2014 and reaping $1.8 billion shortly before the 2022 market downturn.
In 2023, despite market challenges, Founders Fund doubled down with a $100 million Bitcoin purchase when prices dipped below $30,000.
READ MORE: Potential U.S. Spot Solana ETFs Could Skyrocket SOL Price by Ninefold, GSR Markets Predicts
Thiel’s initial enthusiasm for Bitcoin was rooted in its potential as a cypherpunk, anti-establishment tool. Reflecting on his early impressions, he noted, “That’s what I thought was terrific about it.”
However, he now believes Bitcoin hasn’t fulfilled its original vision, citing comments from law enforcement officials who prefer Bitcoin over cash for tracking purposes.
“While I initially saw Bitcoin as a cypherpunk, crypto-anarchist, libertarian, anti-centralized government thing,” Thiel remarked, “it doesn’t really work that way.”
Bitcoin, designed as a public, permissionless, and decentralized ledger, contrasts with truly anonymous cryptocurrencies like Monero.
Despite its fluctuations, Bitcoin currently trades at $60,450, showing a slight decline of 1.8% over the past 24 hours.
Thiel’s assessment reflects a nuanced view of Bitcoin’s evolution and challenges, suggesting ongoing uncertainty about its future trajectory despite its continued presence in investment circles.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.