German Govt. Offloads Another 547 Bitcoins, Rejects Lawmaker’s Suggestion

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As an experienced financial analyst, I’ve closely monitored the Bitcoin market for several years. The recent selling spree by the German government of its Bitcoins has raised concerns about its potential impact on the market. With each announcement of new Bitcoin sales, we’ve seen a noticeable price drop.

The German administration is persistently selling off Bitcoin in large quantities, according to the most recent report from Arkham Intelligence. Today alone, they have disposed of an additional 547 Bitcoins. Consequently, their current Bitcoin stash amounts to 41,220 coins, which is equivalent to approximately $2.27 billion in value.

Bitcoin Selling Spree Continues

According to Arkham Intelligence’s most recent data, the German government transferred 547 Bitcoins, equivalent to approximately $30 million, to Flow Traders. Additionally, the government has been shifting its Bitcoins between various BTC wallets and dispersed them among three cryptocurrency exchanges: Kraken, Bitstamp, and Coinbase.

Yesterday, I criticized the German government for selling off Bitcoins recently. I pointed out that this action could potentially be detrimental, given the ongoing discussions in the United States about adding Bitcoin to their strategic reserves.

She additionally shared insights with notable political leaders such as Michael Kretschmer (Minister-President of Saxony), Christian Lindner (Finance Minister), and Olaf Scholz (Chancellor), highlighting the detrimental impact of these sales.

I’ve noticed that despite my recommendation, the German government appears to be disregarding it as of now. In the first seven days of July, they have shifted around 4,000 Bitcoins from their known wallets. This action, combined with the Mt. Gox repayment, has instigated a significant wave of selling in the market. According to IntoTheBlock’s on-chain analysis, over 30,000 Bitcoins have been transferred to exchanges during this week.

As a researcher studying the cryptocurrency market, I’ve observed an inflow of approximately 30,000 Bitcoin (BTC), equivalent to around $1.73 billion, into exchanges over the past week. Given the current downward trend in Bitcoin’s price, this significant influx could be indicative of investors rushing to sell their holdings in a panic.
— IntoTheBlock (@intotheblock) July 5, 2024

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2024-07-05 15:04