A cryptocurrency wallet labeled by the German Government (BKA) has sold over $54 million worth of Bitcoin.
On June 25, the wallet executed three transactions, offloading a total of 900 Bitcoin. The first transaction, involving 200 BTC, was sent to the Coinbase exchange, while the second, also of 200 BTC, was directed to the Kraken exchange.
The third transaction, amounting to 500 BTC, worth over $30 million, was sent to an unknown wallet labeled “139Po,” as reported by Arkham Intelligence.
Although the identity of wallet “139Po” remains a mystery, it has previously interacted with the German government’s wallet.
On June 20, 800 BTC were transferred to “139Po,” following a 500 BTC transfer on June 19.
After the latest transactions, the German government-labeled wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
There are concerns that the German government’s actions might impact Bitcoin’s price, potentially pushing it below the $60,000 mark.
The wallet currently holds over $2.8 billion worth of Bitcoin, which could exert significant selling pressure.
Bitcoin’s price has been on a downtrend, dropping 11% over the past month and more than 7% in the past week, hovering just above $61,000 as of 9:40 am UTC, according to Bitstamp data.
Popular analyst Willy Woo suggests that Bitcoin might undergo a correction lasting up to four weeks before resuming its price rally.
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In a June 22 post on X to his 1.1 million followers, he wrote: “Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”
On June 19, suspicions about potential Bitcoin selling were sparked when the government-labeled wallet transferred 6,500 BTC, valued at over $425 million.
The majority of Bitcoin from the government’s wallet is being sent to centralized exchanges, indicating potential sales.
Prior to these transfers, the wallet held nearly 50,000 BTC since February 2024, believed to be seized from the operator of the pirated movie website Movie2k.
Further selling pressure could arise in July, as the collapsed cryptocurrency exchange Mt. Gox announced it would start repaying its users.
Mt. Gox creditors, owed over $9.4 billion worth of Bitcoin, have been waiting more than ten years to recover their funds, which could add significant pressure on Bitcoin’s price.
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Tokyo-based investment and consulting firm Metaplanet plans to issue 1 billion yen ($6.26 million) in bonds to raise funds for buying Bitcoin.
The firm’s board approved this move, stating that the Bitcoin will be held for the long term. Additionally, a separate notice mentioned that the bonds would offer an annual interest rate of 0.5%.
On Monday, Metaplanet’s shares rose by 11.5%, reaching 96 yen ($0.60). This increase continues the stock’s impressive over 500% gain so far this year, according to Google Finance.
In contrast, Bitcoin has recently hit a 40-day low, dropping 2.6% in the past day to $62,733 after nearing $72,000 in early June, according to CoinGecko data.
If Metaplanet were to purchase 1 billion yen worth of Bitcoin at current prices, they would acquire nearly 100 BTC, approximately 99.84 BTC.
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This planned acquisition will add to Metaplanet’s existing crypto holdings, which reached 141.07 BTC after the firm bought 23.25 BTC on June 11.
Metaplanet initially purchased 117 BTC in mid-May, adopting a “Bitcoin-first, Bitcoin-only approach” in response to Japan’s ongoing economic pressures.
At the last holdings report in early June, Metaplanet’s average purchasing price was 10.28 million yen ($65,365) per Bitcoin, indicating that the firm is currently underwater with its strategy.
Metaplanet’s aggressive Bitcoin buying and the resulting surge in its stock price have led to comparisons with America’s MicroStrategy.
The U.S. software company holds the record for the most Bitcoin holdings by a public company, with 214,400 BTC worth $13.4 billion, according to Bitbo data.
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A South Korean think tank specializing in finance and economics has advised against approving spot crypto exchange-traded funds (ETFs) in the country.
Bo-mi Lee, a researcher at the Korea Institute of Finance, argued in a paper that global experiences with spot Bitcoin and Ether ETFs indicate that the potential losses outweigh the benefits.
Lee emphasized that the introduction of spot crypto ETFs could jeopardize financial stability in South Korea.
The paper suggested that the approval of these ETFs could lead to a significant influx of capital into the crypto market, especially if digital asset prices rise.
This, in turn, could cause inefficiencies in resource allocation.
Furthermore, Lee pointed out that financial market liquidity and the health of financial companies could deteriorate when asset prices fall.
Given these risks, Lee stressed the need for more thorough research into the potential consequences of introducing spot crypto ETFs.
The researcher currently believes that the potential losses exceed any possible benefits.
Lee also highlighted the ongoing lack of understanding of digital asset value and their high volatility.
The introduction of such products might mislead market participants into perceiving them as “proven assets.”
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Lee also warned that risks would increase with the introduction of spot crypto ETFs.
He argued that robust regulatory measures must be in place to mitigate these risks.
Lee underscored the uncertainty surrounding the impact of digital assets on investors and the financial market, urging regulators to develop comprehensive measures before proceeding with the approval of such ETFs.
In response to growing concerns, South Korea’s financial regulator is tightening its rules on crypto assets to enhance user protection.
Beginning July 19, registered crypto exchanges in South Korea will be required to evaluate the tokens listed on their platforms.
These exchanges must determine whether to continue supporting or delist these tokens.
Under the new regulations, all registered exchanges must review over 600 listed crypto assets.
Exchanges that fail to comply with the new regulations will face severe penalties, including fines and potential jail sentences.
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In the past two days, Bitcoin whales have significantly reduced their transaction activity just before Bitcoin’s price dipped below $63,000.
According to data from Santiment, on June 23, the total number of Bitcoin whale transactions (those exceeding $100,000) dropped to 9,923, marking a 42% decrease from the 17,091 transactions recorded during the two preceding days.
This shift in whale behavior coincided with Bitcoin’s price decline from $64,685 to $63,422, and it has since fallen further to $62,531 at the time of publication, as reported by CoinMarketCap.
At the same time, whale traders who speculate on Bitcoin’s future price have also pulled back, as noted by CryptoQuant CEO Ki Young Ju.
“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X post, referring to a bearish shift in market sentiment.
Ki attributed the decline to the inter-exchange flow pulse (IFP) turning “red.” The IFP, which tracks Bitcoin movements between spot and derivative exchanges, reflects market sentiment.
A red IFP indicates that more traders are withdrawing their Bitcoin from derivatives exchanges, which are used for entering financial contracts based on Bitcoin’s future price.
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Additionally, the Crypto Fear and Greed Index, which gauges crypto market sentiment, fell to a “Neutral” score of 51.
This is the lowest score in 51 days, following Bitcoin’s drop below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETF) have also experienced a series of outflows over the past six trading days, according to Farside data. T
he largest single-day outflow during this period was $226.2 million on June 13.
Despite these bearish indicators, some analysts see signs of optimism for Bitcoin’s price.
Glassnode lead analyst James Check, known as “Checkmatey,” highlighted the Bitcoin Sell-side Risk Ratio as a positive indicator in a June 23 X post.
“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Check wrote.
“All the profits that were going to be taken, have been. Same for losses,” he added, suggesting that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”
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Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in investor funds in 2014, will begin repaying its defunct users.
Starting July 2024, the rehabilitation trustee will process repayments in Bitcoin (BTC) and Bitcoin Cash (BCH), according to a note from the exchange issued on June 24.
“The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments.”
The trustee has asked users for patience, emphasizing that the order of payments will depend on the respective cryptocurrency exchange: “We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made.”
Approximately $9.4 billion worth of Bitcoin is owed to about 127,000 creditors of Mt. Gox.
These creditors have waited over 10 years to recover their funds following the exchange’s collapse in 2014 due to multiple unnoticed hacks.
The repayment process includes the $9.6 billion Bitcoin transfer in May, which was already part of this process.
On May 28, Mt. Gox moved 141,686 BTC, valued at $9.62 billion, into a new wallet, “1Jbez,” from several other cold wallets associated with Mt. Gox.
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This marked the first on-chain movement of funds from the collapsed exchange in over five years.
Shortly after these reports, Mt. Gox rehabilitation trustee Nobuaki Kobayashi confirmed that the consolidation was part of the repayment plans but did not specify when repayments would start.
Kobayashi stated on May 28: “The Rehabilitation trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated… As the Rehabilitation trustee is proceeding with the preparation for the above repayments, please wait for a while until the repayments are made.”
Mt. Gox was one of the earliest cryptocurrency exchanges, once handling more than 70% of all trades within the blockchain ecosystem.
The exchange went offline in 2014 after a security breach led to the loss of over 850,000 BTC in user funds, worth over $51.9 billion at today’s Bitcoin price of $61,100.
Despite the announcement, the repayment deadline could face further delays, as it was initially set for October 31, 2023.
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Bitcoin has been experiencing an “extended level of FUD” on social media platform X, coinciding with its sideways trading around the $65,000 mark, as reported by cryptocurrency intelligence platform Santiment.
“This extended level of FUD is rare, as traders continue to capitulate,” Santiment noted in a June 20 post. FUD stands for fear, uncertainty, and doubt.
“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K,” it added.
Over the past week, Bitcoin’s price has fluctuated between highs of approximately $67,294 and lows around $64,180, based on CoinMarketCap data.
Santiment highlighted its Weighted Sentiment Index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments.
This index has remained negative since May 23, currently standing at -0.738, indicating predominantly negative mentions of Bitcoin on X.
Positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on January 10 and the Bitcoin halving on April 20, saw the indicator spike to positive levels of 4.49 and 2.35, respectively.
Negative sentiment on social media has emanated from various corners of the crypto community, including influential traders and analysts.
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“Bitcoin is around 60 days into a ~150-day long sideways slog since the halving,” stated Glassnode lead analyst James Check, known as “Checkmatey,” in a June 19 post.
“Months of sideways price action — the most boring phase of the bull market,” added pseudonymous crypto trader Jelle.
Similarly, pseudonymous crypto trader Trader Cobb remarked, “Bitcoin is pretty boring right now.”
Despite the prolonged consolidation, some believe it could lead to a significant price surge.
Cointelegraph reported on June 13 that Bitcoin was in its longest period of consolidation at 92 days, with analysts suggesting this steadiness could set the stage for a “massive upside rally.”
“Generally, the longer a consolidation, the larger the expansion afterward,” observed pseudonymous crypto trader Daan Crypto Trades.
Meanwhile, another market sentiment gauge, the Fear and Greed Index, showed a Greed reading of 63, down 11 points over the past seven days.
This metric not only considers social media sentiment but also factors like volatility, market momentum and volume, market dominance, and current trends.
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Bitcoin has around 10 days until United States macro conditions support a return to BTC price upside, according to financial commentator Tedtalksmacro.
He tracks the correlation between BTC price action and U.S. Federal Reserve liquidity, revealing a strong connection that has persisted for several months.
Although Bitcoin is down about 3.2% in June, the trend may reverse before the month ends.
Tedtalksmacro highlighted this close correlation in his analysis of Fed liquidity conditions impacting BTC/USD.
“The correlation between Bitcoin + Fed Liquidity never ceases to amaze me,” he wrote on X, noting that liquidity is expected to bottom in the coming 10 days before rising again.
His chart from the macro data resource, Talking Macro, illustrated how BTC price highs and lows align with peaks and troughs in Fed liquidity.
Even Bitcoin’s recent all-time high of $73,800 in mid-March was accompanied by a spike in liquidity.
Tedtalksmacro explained that liquidity is calculated based on a mix of Fed assets, repo markets, and treasury data.
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However, Talking Macro pointed out some short-term headwinds for Bitcoin, particularly a recent decline in inflows to U.S. spot Bitcoin exchange-traded funds (ETFs).
After experiencing their second-highest daily inflows on record in early June, the trend reversed, with the past four Wall Street trading days showing net outflows.
Monitoring resources, including the UK-based investment firm Farside Investors, reported a four-day outflow tally of just over $700 million, compared to the June 4 inflow of $886 million.
Despite these short-term challenges, anticipation is building for the third quarter and beyond regarding a new wave of institutional interest in Bitcoin. U.S. wirehouses are expected to gain access to spot ETF products, which could significantly impact Bitcoin’s status as an institutional investment class.
As Cointelegraph reported, this event is crucial for Bitcoin’s ongoing transformation.
“Among those optimistic is Cathie Wood, CEO of ARK Invest, one of the spot ETF providers. “
“No platform has approved Bitcoin yet, so all of this price action has happened before they approve it, and so we haven’t even begun,” she said in a March interview about U.S. wirehouses.
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A police officer in White Settlement, Texas, thwarted a scam in progress, saving an elderly woman from losing $40,000 to a Chase Bank impersonator.
The scam involved tricking the woman into depositing money into a Bitcoin ATM machine.
On June 19, the White Settlement Police Department (WSPD) received a call from a concerned citizen who witnessed an elderly woman depositing large sums of cash into a Bitcoin ATM.
The citizen became suspicious after overhearing the woman’s phone conversation and believed she was being scammed.
According to the WSPD, the scammer threatened the victim with arrest if she didn’t transfer the funds, a common tactic in “pig butchering” scams.
The scammer’s caller ID displayed “Chase Bank,” leading the woman to believe she was speaking with a bank employee.
The perpetrator arranged for a ride service to take the woman to a local Chase Bank to withdraw the money.
Subsequently, she was directed to a convenience store to deposit the cash into a Bitcoin ATM.
Dashcam footage released by the police shows an officer intervening and taking over the phone conversation.
Despite the Chase Bank impersonator’s continued attempts to complete the scam, the WSPD successfully halted further transactions.
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Although the police prevented additional losses, the woman had already deposited $23,900 into the crypto ATM.
Authorities are now collaborating with government officials to recover the funds and return them to the victim.
Sergeant James Stewart, the responding officer, expressed a personal connection to the case, saying, “All I could do is visualize my mom in this case. […] I wish we could find this guy and place him behind bars for a very long time because he is probably doing this to other people.”
Chief of Police Christopher Cook praised the vigilant citizen who reported the incident, stating that the department plans to recognize this individual at a future council meeting.
The quick action of both the concerned citizen and the police officer was crucial in preventing the elderly woman from losing her life savings to the scammer.
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Bitcoin short sellers are likely hoping the asset won’t return to $70,000 soon, as significant liquidations could occur if it does.
According to CoinGlass data, a massive $1.67 billion in short positions will be liquidated if Bitcoin reaches $70,000 — a level it hasn’t touched since June 8.
“There is an insane amount of Bitcoin short liquidations piling up at the topside,” noted pseudonymous crypto trader Ash Crypto on June 17 in an X post.
CoinMarketCap indicates that a 7.46% increase from its current price of $65,136 would push Bitcoin to $70,000.
“Markets are incredibly bullish right now. Bitcoin and ETH Liquidations are stacked. Bounce imminent,” Discover Crypto CEO Joshua Jake stated on June 18.
Bitcoin open interest (OI), representing the total value of all outstanding or unsettled Bitcoin futures contracts across exchanges, has decreased by 10.99% since its peak on June 7, currently standing at $33.55 billion.
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However, Bitcoin OI is still 82% higher compared to January 1.
While a drop in open interest can signal a weakening trend, an increase suggests growing market interest.
Earlier in June, leading up to June 7, Bitcoin’s OI surged by over $2 billion in just three days, prompting traders to anticipate a potential “whipsaw” effect on its price.
Willy Woo, a crypto analyst and creator of the onchain data resource Woobull, believes a significant liquidation event could set the stage for Bitcoin to achieve new all-time highs.
“We need a solid amount of liquidations still before we get the all clear for further bullish activity,” Woo wrote on June 19.
“I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out,” he added.
Woo isn’t the only analyst describing Bitcoin’s recent price action as “boring” following the Bitcoin halving on April 20.
“Basically, it’s The Boring Zone before The Banana Zone,” Global Macro Investor head of research Julien Bittel commented on June 19.
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Australia’s leading stock exchange, the Australian Securities Exchange (ASX), saw the first Bitcoin exchange-traded fund (ETF) approved and commence trading, closing its debut day with $1.3 million (1.9 million Australian dollars) in trading volume.
This figure falls short compared to the United States’ spot Bitcoin ETFs, which collectively amassed $4.5 billion in trading volume on their first day, averaging around $450 million per fund.
VanEck, the investment firm behind the VanEck Bitcoin ETF (VBTC), expressed optimism about the potential growth of the product in Australia, despite the market size difference between the two countries.
“Notwithstanding the Australian market being a lot smaller than the U.S. and most of our flow being retail rather than institutional, there is a possibility that we may follow a similar path,” Jamie Hannah, VanEck’s deputy head of investments and capital markets, told Cointelegraph.
Hannah also highlighted the significant interest from both retail and professional investors in gaining Bitcoin exposure through the ASX.
“We have had a significant amount of retail and professional investors express strong interest in getting Bitcoin exposure through ASX,” he added.
On its first day, VBTC started trading at $13.24 and ended at $13.34, with a total of 96,476 shares traded during the day, as per ASX data.
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Cointelegraph reported on June 15 that Arian Neiron, VanEck’s CEO for the Asia-Pacific region, emphasized the growing demand for Bitcoin in Australia, especially through a “regulated, transparent and familiar investment vehicle.”
Neiron stated, “We recognize Bitcoin is an emerging asset class that many advisers and investors want to access.”
He further added, “VBTC also makes Bitcoin more accessible by managing all the back-end complexity.
“Understanding the technical aspects of acquiring, storing, and securing digital assets is no longer necessary.”
While VBTC is the first spot Bitcoin ETF listed on ASX, Australia has seen the launch of two other Bitcoin ETF products.
The Monochrome Bitcoin ETF recently began trading on Australia’s second-largest stock exchange, the Cboe Australia exchange.
Additionally, in April 2022, the Global X 21Shares Bitcoin ETF was the first Bitcoin ETF product to debut in Australia.
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