Bitcoin Records Massive Whale Activity, Germany’s $3 Billion BTC Holdings Facing Liquidations

Bitcoin has experienced significant volatility in the past week amid increased whale activity, with prices slipping below the $65,000 threshold. Recent reports reveal the German government deposited nearly 1,700 BTC worth $110 million to Coinbase, Kraken, and Bitstamp in the past two days.

However, while the deposited amount is significant, it remains a far cry from the government’s $43 billion in Bitcoin holdings. 

Germany’s $3 billion Worth of Bitcoin Under Focus

The German government has accumulated massive amounts of Bitcoin over the past few years. However, in the past two days, it has been spotted offloading a considerable amount on crypto exchanges.

Despite selling 3,000 BTC in its recent moves, Germany still holds a sizeable amount, up to 50,000 BTC tokens, according to reports from CryptoQuant’s CEO Ki Young Ju.

Following Bitcoin’s performance record over the past few years, Germany’s holding remains profitable. At current market prices, Germany’s BTC holdings are valued at around $3.24 billion, representing a realized profit of approximately $1 billion.

Moreover, Germany is among the top Bitcoin holders globally, occupying the fourth position after the United States, China, and the UK. The United States is the country with the largest Bitcoin holding, maintaining a balance of up to 213,246 BTC tokens valued at over $13.7 billion.

China ranks second, holding about 194,000 BTC worth $12.2 billion, despite selling a huge portion in 2019 following its 2017 Bitcoin ban. The UK maintains the third position, with 61,000 Bitcoins, valued at approximately $4 billion. 

Germany’s recent Bitcoin sales and massive outflows from Spot Bitcoin ETFs have put BTC under significant selling pressure. Bitcoin trades at $64,314, with a 2.2% decline in the past 24 hours. 

Whales Continue BTC Accumulation Despite Price Dip

While the German government and other whales offload their Bitcoins, some investors remain in the accumulation phase. Michael Saylor’s MicroStrategy announced the purchase of an additional 11,931 Bitcoin through proceeds from its $800 million convertible notes.

So, on June 20, MicroStrategy spent approximately $786.0 million from its convertible notes and excess cash to purchase the BTC at $65,883 each. Therefore, MicroStrategy currently holds 226,331 BTC purchased for a total of $8.33 billion at an average price of $36,798 per Bitcoin.

Meanwhile, crypto enthusiast Pidgey.eth reacted to the news of MicroStrategy’s latest purchase. According to Pidgey.eth, BTC will rise to $1 million by 2030 and $10 million by 2040.

He also believes that Michael Saylor and MicroStrategy are well-positioned to benefit from BTC’s gains. He suggested that MicroStrategy consider investing in Bitcoin gaming and developing a game where people earn satoshi.

Another whale purchased 6,570 BTC valued at more than $430 million in the last 24 hours. Despite the bearish pressure, these massive accumulations suggest that some investors are still bullish on BTC.