As a seasoned crypto investor with a keen interest in following the latest developments in the market, I find the German government’s recent Bitcoin liquidation spree quite concerning. The offloading of nearly 1,300 BTC worth over $76.5 million raises red flags and adds to the ongoing market volatility.
The German government sold approximately 1,300 Bitcoins, equivalent to around $76.5 million, to prominent cryptocurrency exchanges today, as indicated by Arkham Intelligence’s data. With Bitcoin’s current price falling below the $59,000 mark, this significant sale has fueled apprehensions about a potential further decrease in value.
German Government’s Bitcoin Liquidation Spree
According to Arkham Intelligence, a recent liquidation saw the transfer of approximately $29.95 million in Bitcoin (500 BTC) to Bitstamp. Furthermore, the German government moved around $23.24 million in Bitcoin (400 BTC) each to Coinbase and Kraken.
The German government moved approximately 1,700 Bitcoins, equivalent to $98.76 million, to an unidentified digital wallet. This action has fueled rumors of a potential sell-off since the government may utilize this newly discovered wallet for additional Bitcoin disposal. Previously, similar behavior from the German authorities was observed following exchange transactions.
I’ve discovered that the German government has sold nearly 10,000 more Bitcoins, bringing their current holdings to approximately 50,369 Bitcoin valued at around $2.32 billion. This consistent disposal of Bitcoin by the authorities underscores their dedication to managing and potentially diminishing their exposure to the unpredictable crypto market. Nonetheless, the reasons behind these sales remain elusive for now.
According to Arkham Intelligence’s latest figures, the government shifted 832 Bitcoin, equivalent to around $50 million, on July 2. Simultaneously, 361.877 Bitcoins, or approximately $22.65 million, were sent to market maker Flow Traders on the same day. These substantial transactions suggest a deliberate and methodical plan from the government in selling off its Bitcoin stash.
Before the German government began selling its Bitcoin stash on June 18, 2023, it owned around 50,000 BTC. This crypto was obtained from pirated movie site operators back in early January, 2024. Currently, the government has eliminated nearly 20% of these holdings.
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2024-07-04 12:00