TL; DR
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Yesterday morning, the German government unloaded another 3,100 BTC (~$178 million), and still has a nice 26,000 BTC (~$1.5 billion) to go… but somehow the crypto markets went up during trading hours .
Full story
Do you know your older cousin’s childhood friend, Kaylen?
The one who would constantly put his body on the line to perform daring stunts, all in the hope of a quick laugh – and somehow walk away without a scratch every time?
No? That’s a very specific anecdote that is clearly based on our own experiences?
Well, anyway — you know the ‘Kaylen’ archetype.
Right now, Bitcoin and most other major crypto projects are giving off “Kaylen energy.”
Cause of the main story that caused the most recent market sell-off: the sale of seized BTC by the German government (which we talked about on Tuesday)?
It got worse.
Yesterday morning they released another 3,100 BTC (~$178 million) and still have a nice 26,000 BTC (~$1.5 billion) to go.
…but somehow the crypto markets went up during trading hours.
(Kaylen energy).
This could be short-lived, but for now it indicates that there are enough interested buyers who are happy to ignore this bearish narrative and not only absorb the selling pressure, but exceed it enough to drive prices higher.
Now let’s all join hands and pray that it holds.