Michael Saylor recently left a cryptic message, seemingly directed at the German government. Their Bitcoin sell-off operations are severely impacting the market, notably stalling the momentum of Bitcoin and other assets. The translated message reads, “Everyone gets Bitcoin at the price he deserves.”
German Government’s Bitcoin Operations
The operations of the German government’s Bitcoin wallet are critical to understanding the context of this message. For the first two consecutive days, the German government’s wallet received Bitcoin at the end of business hours. Analysts suggest this might be a buyback after a sale.
However, the German government is returning these unsold Bitcoins to its control wallet. This might appear unconventional, but a large institution might lack confidence in exchanges and prefer self-custody. Recently, they added 3,073 BTC back to the wallet, raising the Germans’ temporary balance to 27,461 BTC, approximately $1.57 billion.
Impact on Bitcoin Market
Another significant Bitcoin disposal by the German government is scheduled for today. This immense selling pressure has notably affected Bitcoin’s price and the overall market sentiment. Saylor’s message could be interpreted as a comment on the market’s state and the impact of the institution’s actions. Alternatively, he might be criticizing the decision to sell such a substantial amount of BTC in such an aggressive manner.
Influence of Institutional Actions
The German government’s selling operations are making it challenging for Bitcoin to maintain its momentum. This activity underscores the influence that institutions and major holders have over the cryptocurrency market. As a result, this often leads to volatility and sudden price fluctuations. Large-scale sales can temporarily reduce prices, prompting some to buy and instilling fear in others.
