Bitcoin’s $100K milestone: Germany faces critique over premature BTC sale
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- Germany’s Bitcoin sales missed $2.3 billion gains as BTC hit the $100K milestone.
- Nation-states accumulate Bitcoin reserves, led by the U.S. with 208,000 BTC.
Investors have been closely monitoring Germany’s Bitcoin [BTC] sales, and recent developments have reignited discussions about the strategy’s impact.
Back in July, Germany sold 50,000 BTC at $57,600 per Bitcoin, securing $2.88 billion.
However, with Bitcoin recently surpassing the $100K milestone and trading at $102,436.85, the decision now appears short-sighted.
Is Germany’s Bitcoin sell-off a big mistake?
If Germany had held onto its BTC reserves, their current value would have soared to $5.1 billion, representing a missed opportunity for an additional $2.3 billion in gains.
Seeing this move, many Bitcoin enthusiasts weighed in.
For instance, Thomas Kralow took to X and noted,
“This is what happens when you are not bullish enough.”
Nations stepping up with Bitcoin game
As expected, recent data highlights the growing trend of nation-states holding substantial Bitcoin reserves, with the U.S. leading the pack at approximately 208,000 BTC, valued at $17 billion.
China follows closely with around 190,000 BTC, much of which was seized from the infamous PlusToken Ponzi scheme.
Meanwhile, the United Kingdom has emerged as the third-largest state holder, according to Chainalysis, with 61,000 BTC worth roughly $5 billion.
This notable accumulation underscores a competitive dynamic among major nations in leveraging Bitcoin as a strategic asset.
Reameking on the same, Bitcoin Archive took to X and noted,
Source: Bitcoin Archive/X
Is Bitcoin going to turn bearish or remain bullish?
Needless to say, as Bitcoin’s trajectory garners global attention, nation-states like Ukraine and El Salvador are also solidifying their positions with reserves of 46,351 BTC and 6,153 BTC, respectively.
Meanwhile, Germany’s strategy of selling its confiscated 49,857 BTC continues to raise questions about the opportunity cost of such moves, especially as Bitcoin recently traded above the $100K mark.
However, at press time, BTC was trading at $98,334.09, marking a 4.23% dip in the past 24 hours, according to CoinMarketCap.
Thus, while some speculate this could signal the start of a larger price correction, key indicators like the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) suggest otherwise.
These metrics point to the potential for continued bullish momentum, underscoring Bitcoin’s lasting appeal in an increasingly volatile crypto world.
