Germany, which had more than 50,000 Bitcoins in recent weeks, has rapidly reduced this number to less than approximately 23,000 Bitcoins. While these selling movements were generally expected to negatively affect the cryptocurrency market, the Bitcoin price showed surprising resistance and maintained its level above $ 57,000.

Let’s take a closer look at this unexpected situation. The German government transferred over 6,300 Bitcoins to various organizations, including centralized cryptocurrency exchange Kraken, on Tuesday, according to on-chain data provider Arkham Intelligence. The total value of this transfer exceeded 362 million dollars.

Kraken received a portion of 800 Bitcoins from this transfer. The balance was distributed between market makers B2C2 Group and Cumberland DRW. Both firms bought approximately $287 million and $6 million worth of Bitcoin, respectively. Some of the transferred Bitcoins were also likely sent to an over-the-counter (OTC) platform. The value of this transfer is calculated as approximately 24 million dollars.

In Germany’s previous Bitcoin sales, the market price did not react positively to these sales. The sale of 16,000 Bitcoins on Monday was the most obvious example of this situation. This transfer, worth more than $866 million, caused some volatility in the cryptocurrency market. However, this time Bitcoin price turned out to be more resilient and maintained its level above $57,000 despite the selling pressure. So why did this happen?

There are several possible explanations for this situation:

First, the market may be more mature now. The fact that the sales of a major actor such as Germany do not affect the market as much as before may be an indication that Bitcoin’s adoption rate and liquidity are increasing.

Second, these sales may have been priced in advance. It was already known that Germany’s Bitcoin holdings would be disposed of, and the market may have taken this into account in advance.

Finally, more institutional investors may have entered the Bitcoin market. Institutional investors generally have a longer-term investment perspective and thus may be less affected by market volatility.

How did the German government obtain its Bitcoins? These Bitcoins come from a seizure operation in January from illegal movie site Movie2k. German authorities seized approximately 50,000 Bitcoins in this operation. Not all of these Bitcoins have been sold so far, and it is estimated that Germany still holds 22,847 Bitcoins.

The impact of Germany’s Bitcoin sales on the market is not yet fully clear. However, Bitcoin’s resistance to these sales can be interpreted as a sign that the cryptocurrency market is maturing. In the coming days, it will be important to follow whether Germany will dispose of the remaining Bitcoins and how this will affect the market.