Create: Update:
The U.S. Department of Justice is cleared to sell 69,000 BTC - worth over $6 billion.
With Glassnode, you can track government-held Bitcoin wallets and estimate the potential market impact if this kind of sell-side pressure occurs.
Putting it in perspective
In July 2024, the German government sold 56,000 BTC, but instead of collapsing, the market rallied from $53k to $68k.
However, past large inflows have had different results:
🔸 March 2021: 70.5k BTC inflows, NUPL at 0.72 (Euphoria/Greed)—short correction, then recovery.
🔹 June 2022: 68.7k BTC inflows, NUPL at 0.21 (Capitulation)—a prolonged bear market followed.
Bottom line: Market reactions depend heavily on where we are in the cycle.
With Glassnode’s US Government Balance metric, you can set alerts to be notified when coins move - helping you stay ahead of potential sell-offs.
đź”— Check it out: https://glassno.de/40ccXL7
With Glassnode, you can track government-held Bitcoin wallets and estimate the potential market impact if this kind of sell-side pressure occurs.
Putting it in perspective
In July 2024, the German government sold 56,000 BTC, but instead of collapsing, the market rallied from $53k to $68k.
However, past large inflows have had different results:
🔸 March 2021: 70.5k BTC inflows, NUPL at 0.72 (Euphoria/Greed)—short correction, then recovery.
🔹 June 2022: 68.7k BTC inflows, NUPL at 0.21 (Capitulation)—a prolonged bear market followed.
Bottom line: Market reactions depend heavily on where we are in the cycle.
With Glassnode’s US Government Balance metric, you can set alerts to be notified when coins move - helping you stay ahead of potential sell-offs.
đź”— Check it out: https://glassno.de/40ccXL7
The U.S. Department of Justice is cleared to sell 69,000 BTC - worth over $6 billion.
With Glassnode, you can track government-held Bitcoin wallets and estimate the potential market impact if this kind of sell-side pressure occurs.
Putting it in perspective
In July 2024, the German government sold 56,000 BTC, but instead of collapsing, the market rallied from $53k to $68k.
However, past large inflows have had different results:
🔸 March 2021: 70.5k BTC inflows, NUPL at 0.72 (Euphoria/Greed)—short correction, then recovery.
🔹 June 2022: 68.7k BTC inflows, NUPL at 0.21 (Capitulation)—a prolonged bear market followed.
Bottom line: Market reactions depend heavily on where we are in the cycle.
With Glassnode’s US Government Balance metric, you can set alerts to be notified when coins move - helping you stay ahead of potential sell-offs.
đź”— Check it out: https://glassno.de/40ccXL7
With Glassnode, you can track government-held Bitcoin wallets and estimate the potential market impact if this kind of sell-side pressure occurs.
Putting it in perspective
In July 2024, the German government sold 56,000 BTC, but instead of collapsing, the market rallied from $53k to $68k.
However, past large inflows have had different results:
🔸 March 2021: 70.5k BTC inflows, NUPL at 0.72 (Euphoria/Greed)—short correction, then recovery.
🔹 June 2022: 68.7k BTC inflows, NUPL at 0.21 (Capitulation)—a prolonged bear market followed.
Bottom line: Market reactions depend heavily on where we are in the cycle.
With Glassnode’s US Government Balance metric, you can set alerts to be notified when coins move - helping you stay ahead of potential sell-offs.
đź”— Check it out: https://glassno.de/40ccXL7
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