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Here’s What’s Happening to Huge Bitcoin Sales Now, Samson Mow Unveils

Here’s What’s Happening to Massive Bitcoin Sales Now, Samson Mow Reveals

Samson Mow, the former CSO at Blockstream and current CEO of Bitcoin-focused company Jan3, has shared a positive outlook on Bitcoin and the impact of large-scale BTC sales in the market. Despite significant sell-offs by entities like the German government and the recent massive Bitcoin transactions by the defunct Mt Gox exchange, Mow believes that Bitcoin’s demand remains robust and the market is successfully absorbing these sales. This reaffirms his previous prediction made about a week ago.

Mow also stated earlier this month that he believed cryptocurrency whales from Bitfinex were buying Bitcoin during dips. Additionally, spot ETFs are consistently absorbing Bitcoin on a regular basis, even as there are notable outflows of BTC. These factors contribute to the market’s ability to handle the large-scale BTC sales effectively.

Recently, the German government executed another substantial Bitcoin transfer worth 9,634 BTC (equivalent to $551 million) to various centralized exchanges and trading firms. This is part of their ongoing transition of BTC, with a total value of $1.44 billion, to these entities since June 19. The German authorities still hold a significant amount of 28,988 BTC valued at $1.66 billion.

Despite the temporary retracement of Bitcoin to $55,400, on-chain data company Santiment has discovered a bullish signal on the horizon. Traders who have been active in the market over the past year have seen average returns of only +1.8%. However, both Bitcoin’s 30-day and 365-day MVRV indicators are currently in negative territory. Santiment’s report suggests that if traders bought Bitcoin the last time these indicators were in the negative together, their potential returns could be as high as +132%.

Overall, despite the ongoing large Bitcoin sales, the market seems resilient and capable of absorbing them, as evidenced by strong demand and positive signals for potential returns.