First Mover Americas: Germany Moves 750 BTC, Altcoins Bleed Liquidity

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Bitcoin, after a brief surge above $62,000 in the early Asian session, retreated to $61,400., the eurozone's largest economy transferred 750 BTC, valued at over $46 million, sending 250 BTC to crypto exchanges Bitstamp and Kraken, an indication that the country may be preparing to sell the tokens. This action, part of a divestment of BTC seized from a privacy website, added to bearish pressures in the market. The government holds over 45,000 BTC.

Alternative cryptocurrencies have recently experienced a bigger liquidity drain than bitcoin and ether. For instance, notional open interest – or dollar value locked in active futures contracts – tied to altcoins has declined by 34% to $12 billion since BTC peaked above $70,000 on June 7,. That compares with a 13% drop in cumulative open interest in bitcoin and ether futures to $29.3 billion."This one-way flow quickly turns reflexive to the downside and exacerbates underperformance relative to majors. Bid-side liquidity is less incentivized, and traders hesitate to catch a falling knife.

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