Benson Toti
Bitcoin rose nearly 4% early Tuesday morning to trade above $57,400, despite sell-off pressure that continues to face the flagship cryptocurrency.
Tpday’s upside comes after Monday saw a barrage of dumping from the German Federal Criminal Police Office (BKA).
The BKA sent thousands of BTC to exchanges and market makers, with BTC price declining as the dump reached over $915 million. It was the most aggressive selling of Bitcoin by the German government so far.
While Bitcoin dipped to under $55k again amid the bearish outlook, prices are higher amid dip buying. Japanese firm Metaplanet is among those to scoop up Bitcoin on the cheap, with a 400 million yen BTC purchase.
Daily inflows for US spot ETFs hit $295 million
The Bitcoin spot ETFs market in the US recorded its highest daily inflows in three weeks on Monday as a spike in demand sent inflows to $295 million. The inflows are also the largest since spot Bitcoin ETFs inflows hit $488 million on June 5.
According to data tracking the spot ETFs flows, July 8 saw BlackRock’s IBIT fund attracted the largest share of the daily inflows with over $187 million. Fidelity’s FBTC managed over $61.5 million in inflows, while Grayscale’s GBTC ended the trading with $25.1 million of inflows.
Exchanges return $200 million in BTC to German’s BKA
Monday’s Bitcoin selling by the BKA, which transferred more than $915 million to various exchanges, is a blitz that had traders nervous for what next for BTC.
However, today’s bounce in Bitcoin price comes as on-chain data reveals that exchanges have sent back more than $200 million to the government controlled wallets.
Data that blockchain security firm Arkham tracks shows crypto exchanges Kraken, Coinbase and Bitstamp have all returned Bitcoin to the BKA over the past several hours.
German police seized 50,000 BTC from piracy movie site Movie2k earlier this year, with the value of the digital assets at the time just over $2 billion. The selling started in earnest last month and has increased in tempo this past week to see Bitcoin price crash to new multi-month lows.
The BKA wallet still holds over 27,400 BTC worth $1.58 billion.
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