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Here’s What’s Happening to Huge Bitcoin Sales Now, Samson Mow Unveils

Tue, 9/07/2024 – 8:13

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Samson Mow, former CSO at Adam Back’s Blockstream and now the chief executive at a Bitcoin-focused company Jan3, has made a bullish statement on Bitcoin and what is happening to all the BTC that is being sold by large market players at the moment.

Samson Mow’s Bitcoin statement

Samson Mow tweeted that, despite the huge sales that continue to be made by large entities, such as the German government, or massive Bitcoin transactions made by the defunct crypto exchange Mt. Gox recently.

Mow believes that the demand for Bitcoin remains strong and the market is absorbing all the Bitcoin sales at the moment. Mow made a similar statement approximately a week ago, and now he has confirmed his previous prediction.

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Earlier this month, the Jan3 CEO also tweeted that he believed cryptocurrency whales from the Bitfinex exchange were buying up all the Bitcoin dips. Besides, spot ETFs also continue to absorb the world’s flagship cryptocurrency several times per week while also facing large outflows of BTC.

Related

24,400 ETH From Ancient ICO Transferred to Large Exchanges at Astonishing Price Surge

German government dumps half billion in BTC

According to the analytics account @lookonchain on the X platform, the German government has made yet another massive cumulative Bitcoin transfer to six crypto platforms – centralized exchanges and trading firms Kraken, Flow Traders, Coinbase, Bitstamp, Cumberland and B2C2 Group.

The total amount of BTC moved to these trading entities is equal to 9,634 BTC – that is the equivalent of $551 million. Since June 19, the German government has transitioned 24,304 BTC, which is worth a whopping $1.44 billion in fiat. German authorities still hold 28,988 BTC, valued at $1.66 billion.

Bitcoin shows bullish signal

On-chain data company Santiment has tweeted that despite Bitcoin retracing to a low of $55,400 earlier today, there is a very bullish signal on horizon. Average returns for traders that have been active over the last year have been only +1.8% so far. This is the lowest level since Bitcoin returned above the $20,000 mark in March last year.

However, now both Bitcoin’s 30-day and 365-day MVRV indicators are in negative territory. Santiment’s report says that for those traders who last bought Bitcoin when these two lines were in negative territory together last time, the returns on their BTC are likely to be as high as +132%.

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