The German government sells a massive 16,038 BTC ($880 million) in one day.
Their total Bitcoin holdings plummet to 23,788 BTC valued at $1.31 billion.
Sell-off contributes to Bitcoin price drop from $58,178 to $56,206.
The German government has intensified its selloff of Bitcoin, offloading a substantial 16,038 BTC tokens today alone. This brings the total amount of Bitcoin liquidated by the government to over 21,000 BTC since June, significantly impacting the cryptocurrency market.
Recent data reveals the government’s Bitcoin holdings have dropped significantly to 23,788 BTC, valued at approximately $1.31 billion.
The selling spree began early today, with 1,000 BTC tokens worth $55.8 million transferred to external wallets, including those of leading exchanges Bitstamp and Coinbase, as well as an anonymous wallet suspected to be an over-the-counter (OTC) entity.
This was just the start. Market tracking platform Arkham Intelligence disclosed that the government’s Bitcoin address moved an additional 1,738.7 BTC units to more wallets over the past few hours, interacting with new entities such as institutional market maker Cumberland and an anonymous wallet identified by the initials “bc1qu”. This brought the total amount of Bitcoin sold to 2,738.7 BTC, equivalent to $155 million.
TODAY: German Government selling up to $155M BTCToday the German Government sent 2738.7 BTC ($155.3M) to likely exchanges/market makers including Kraken, Cumberland, 139Po (likely deposit for institutional/OTC service) and address bc1qu.Of this, 1533 BTC ($87.6M) has been… pic.twitter.com/NcvqK6HKVZ
— Arkham (@ArkhamIntel) July 8, 2024
With transactions as recent as 20 minutes ago, the government’s Bitcoin holdings have continued to decrease, falling to 23,788 BTC tokens valued at $1.31 billion at the time of reporting. This latest figure suggests that the German government has offloaded a substantial 16,038 BTC tokens today, totaling over $880 million.
This brings the total amount of Bitcoin liquidated by the German authorities to 21,821 BTC since June, when their wallet held 45,609 BTC. Unsurprisingly, this massive movement of Bitcoin has significantly impacted the crypto market.
Bitcoin traded at an intraday high of $58,178.14 in the last few hours but has fallen to around $56,206.71 amid the large-scale movement of Bitcoin to liquidation platforms by the German government.
The post Crypto Shock: Germany Liquidates $880 Million in Bitcoin in a Single Day appeared first on Coin Edition.