Surge in Whale Activity

In the recent week, the Bitcoin whale activity has shot up significantly in what seems to be a classic tug-of-war between the bulls and the bears.

Over the last two days, Germany's government has deposited nearly 1,700 Bitcoins worth $110 million to three different crypto exchanges: Kraken, Coinbase, and Bitstamp. However, this is quite minuscule in comparison to the $43 billion worth of Bitcoins that the government holds.

Germany's Bitcoin Holdings

As the on-chain activity suggests, the German government has been offloading its Bitcoin holdings over the past two days. Over the past couple of years, Germany seized 50,000 Bitcoins and is sitting on large unrealized profits despite selling 3,000 BTC recently, as per CryptoQuant CEO Ki Young Ju.

The surge in the BTC price over the past couple of years puts Germany's current BTC holdings at a value of $3.24 billion, of which $1.1 billion is unrealized profit. Germany is currently the fourth-largest holder of Bitcoins after the US, China, and the United Kingdom.

Global Bitcoin Holdings

The US currently holds 213,246 Bitcoin, valued at $13.7 billion. On the other hand, China still holds 190,000 BTC despite selling a massive stash in 2019 and imposing the Bitcoin ban in 2017.

The recent sell-off from the German government, coupled with the massive outflows from the spot Bitcoin ETFs, has been behind the current selling pressure, with the BTC price recently slipping under $65,000.

MicroStrategy's Big Move

While the German government has been offloading its stake, other Bitcoin whales have been scooping supplies every fall. On Thursday, June 20, Michael Saylor's MicroStrategy announced an additional purchase of 11,931 Bitcoin through the proceeds of the $800 million convertible notes.

Furthermore, on-chain data reveals that a Bitcoin whale purchased over 6,500 Bitcoins worth $430 million in a single go on Thursday.

This shows enough takers in the market for every selling pressure.

Market Dynamics

However, with the Bitcoin miner capitulation, the Bitcoin price recovery is likely to be delayed further into the summer.

The market dynamics indicate strong interest from big players even as governments like Germany offload their holdings. The coming weeks will likely be crucial in determining the direction of Bitcoin's price.