Institutional acceptance of cryptocurrencies continues to grow. After the spot ETF developments, some banks are starting to offer spot trading options to their customers. According to a recent report, Standard Chartered Bank is preparing to launch a cryptocurrency trading platform. Meanwhile, Germany is currently sitting on a Bitcoin stash worth $1.1 billion, with $3 billion in unrealized profits. German government sell-offs and Bitcoin ETF exits pushed the BTC price below $65,000.
Standard Chartered launches cryptocurrency trading platform!
As you have been following on Kriptokoin.com, cryptocurrencies are becoming more accepted globally. As a matter of fact, big banks cannot keep silent in this situation. According to Bloomberg, British banking giant Standard Chartered Bank is preparing to launch a cryptocurrency trading platform to trade Bitcoin and Ethereum spot trading. Sources reported that the platform will operate in London.
Germany’s $3 billion in Bitcoin assets on the radar
As evidenced by the on-chain activity, the German government has been disposing of BTC assets for the past two days. According to CryptoQuant CEO Ki Young Ju, over the past few years, Germany has confiscated a total of 50,000 Bitcoins. It is also sitting on huge unrealized profits despite selling 3,000 BTC recently.
The surge in BTC price over the past few years reveals that Germany’s current BTC holdings are worth $3.24 billion, of which $1.1 billion is unrealized profit. Germany is currently the fourth largest BTC holder after the US, China and the UK. The US currently owns 213,246 Bitcoins worth $13.7 billion. China, on the other hand, still holds 190,000 despite selling a huge stash in 2019 and reinstating the Bitcoin ban in 2017. The recent sell-off from the German government, coupled with massive outflows from spot Bitcoin ETFs, pushed the BTC price below $65,000 recently.
Bitcoin whale at work
While the German government is divesting its shares, other Bitcoin whales are scooping up supplies every fall. Michael Saylor’s MicroStrategy announced on Thursday, June 20, that it bought another 11,931 BTC with the proceeds of $800 million in convertible bonds. Furthermore, on-chain data reveals that a Bitcoin whale bought more than 6,500 BTC worth $430 million in a single transaction on Thursday.
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