Why Justin Sun’s Offer to “Buy All Bitcoin” Won’t Help BTC At All, Yet

• Oversupply from Mt. Gox and government entities has worsened market sentiment.
• Tron Founder Proposed to Buy German Government’s BTC Holdings to Reduce Negative Impact on Market.

The cryptocurrency market rout deepened on July 4, amid preparations and test transactions by Mt. Gox to launch the distribution of about $8 billion in Bitcoin (BTC).

Despite the looming threat of Mt Gox, the German government continued to sell its BTC holdings.

On July 4, he transferred 3,000 BTC but gave away 1,300 BTC, worth over $78 million, to Bitstamp, Coinbase, and Kraken, further disrupting the market.

Amid the ensuing bloodbath in the market, Tron (TRON) founder, Justin Sun, Free to buy all German government BTC on the market to mitigate the impact.

“I am ready to negotiate with the German government to buy all BTC off-market to minimize the impact on the market.”

German Bitcoin Holdings and Market Reactions

According to data According to Arkham Intelligence, the German government still has 40,300 BTC, or $2.3 billion, to spare. However, it was unclear whether Sun’s offer was legitimate or just a classic prank.

Still, Sun’s offer, even if honored, may not be able to end the current market rout. In addition to the German government, three other BTC whales also went bankrupt on July 4, sending BTC to $57,000.

On-site chain data revealed that the US government also moved $13.67 million worth of BTC and still holds $12.3 billion.

Additionally, two unmarked whale wallets offloaded over 4.5k BTC, worth nearly $270 million, further adding to the selling pressure.

For his part, cryptocurrency market commentator Samson Mow criticized the decision of the German and US governments to sell BTC directly to exchanges.

“Imagine selling the hardest form of money that ever existed… Well, imagine selling on exchanges with market orders, driving down the price to get even less.”

The drop to the $57,000 level resulted in a loss for more than 65% of BTC addresses, especially for users who purchased between $48,600 and $65,900.

In addition, the extended dump liquid $113 million in BTC positions, with long positions supporting the weight of nearly $100 million in rekt positions over the past 24 hours.