Bitcoin oversold after German gov’t sell-off — ARK Invest
Bitcoin miners seem to be capitulating, a harbinger of a bullish reversal, according to ARK.
According to a report by asset manager ARK Invest released on July 18, Bitcoin became oversold in June after Germany’s government initiated a multibillion-dollar sell-off of 50,000 BTC seized in a 2020 police sting against Movie2k, a streaming platform for pirated content.
The sell-off sent Bitcoin (BTC) prices tumbling from highs exceeding $70,000 in early June to a low of less than $55,000 during a brief dip in July.
“Based on short-term-holder realized profits/losses and miner outflows, Bitcoin appears oversold,” according to the report, which focuses on the period through June 30 but includes more recent data. “Current levels [of miner outflows] suggest that miners are capitulating, a harbinger of a bullish reversal.”
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Author: Alex O’Donnell
