As a researcher with a background in cryptocurrencies and government finance, I find the recent actions of the German government regarding Bitcoin both intriguing and concerning. The intensity and frequency of their sell-offs have raised eyebrows within the crypto community, especially considering the source of their initial holdings – seized from a movie piracy website.
On Thursday, July 11, the German government significantly increased its sale of Bitcoin, getting rid of an extra 1125 Bitcoins via major exchanges including Coinbase, Kraken, and Bitstamp. This action follows a string of planned sales to offload a portion of its significant Bitcoin hoard, which was previously confiscated from a movie piracy site.
German Government’s Latest Bitcoin Dump
Based on Arkham Intelligence’s findings, the German government disposed of 375 Bitcoin units, worth around $21.77 million, to Coinbase, Kraken, and Bitstamp apiece. Concurrently, they shifted 1250 Bitcoin units to multiple wallets. This action raises speculation that more Bitcoin sales might ensue from these wallets.
Significantly, a large chunk of these transactions involved the transfer of 1000 BTC, which is roughly equal to $58.05 million, to the suspected B2C2 Group address, 139PoP…H7ybVu. This particular address has been noted for frequently receiving transfers and subsequently distributing funds to other wallets. It’s worth mentioning that this address has previously been linked to the German government.
At the same time, an extra 250 Bitcoins, worth around $14.51 million, were transferred to another wallet. These actions have triggered worries about a potential Bitcoin liquidation by the German authorities. As a result, Germany’s Bitcoin holdings now stand at 13,177 BTC, equivalent to approximately $765.94 million.
The reported 50,000 Bitcoins held by the German government as of June 18, 2024, have significantly decreased. On July 10, a large portion of these Bitcoins, over 10,600 coins, were sold to exchanges and other wallets. As a result, the German government’s title as a “Bitcoin Billionaire” has been lost. Despite this massive sell-off, the price of Bitcoin remained steady at $57,000.
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2024-07-11 11:35