The German government has once again made headlines with another series of Bitcoin sales. In the past 3 hours, authorities have transferred 2,375 BTC, valued at approximately $137.87 million, to various exchanges and addresses.
Breaking Down the Latest Transactions
This recent move follows a pattern of large-scale Bitcoin liquidations by the German government. The funds were distributed among several major cryptocurrency exchanges, including Kraken, Bitstamp, and Coinbase. Additionally, some Bitcoin was sent to an address labeled 139P. Arkham stated that it is likely an institutional deposit or over-the-counter (OTC) service.
UPDATE: German Government selling up to 2375 BTC ($137.87M)
In the past hour, the German Government has sent 2375 BTC ($137.87M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday’s movements, the German Government… pic.twitter.com/2T57FPbAer
— Arkham (@ArkhamIntel) July 11, 2024
Interestingly, since yesterday’s movements, the government has received 2,442 BTC ($140.47 million) back from exchange addresses, including Kraken and Bitstamp. Â
After these latest transactions, the German government now holds 13,117 BTC, worth about $767 million. This represents just 26.3% of the Bitcoin originally seized from the Movie2k piracy case.
Crypto community members have been quick to speculate on the implications of these continued sales. Some observers suggest that if the government maintains its current pace of selling approximately 5,000 BTC per day, including weekends, they could potentially exhaust their entire Bitcoin holdings by Sunday.
Despite the continuous sale, Bitcoin is proving to be steadier than it was in the past few days. The BTC price was reacting harshly when the government was offloading millions in BTC.
However, according to CMC data, BTC is now holding steady above the $58,000 level.
Also Read:Â Capital Management CEO; Bitcoin will Survive Germany Dump
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