Despite the massive selling by the German government, Bitcoin’s price has remained firm at $58,700. Germany’s Bitcoin holdings value has now dropped to just above $1 billion.
The German government’s Bitcoin selling spree has continued into July 10, with nearly 5,853 Bitcoins moving out of its wallets in the last hour, according to Arkham Intelligence. This reduction has brought Germany’s Bitcoin holdings to 18,110 Bitcoins, now valued at $1.06 billion.
German Government Sells Large Bitcoin Holdings
Earlier today, the German government started selling its Bitcoin holdings in large numbers, moving them across crypto exchanges and other wallets. According to data from Arkham Intelligence, the government transferred a massive 1,250 BTC to popular crypto exchanges Kraken and Coinbase.
Shortly after, the government moved a total of 536.108 BTC to Cumberland DRW, 1,127.281 BTC to Flow Traders, and 2,000 BTC to the suspected B2C2 Group at address 139PoP…H7ybVu. Additionally, on-chain data shows a transfer of 690 BTC to the unmarked address bc1qu3…guzr4j.
Today marks one of the biggest single-day transfers made by the German government, which seems to be in a hurry to reduce its Bitcoin holdings. In the last 20 days, the government has sold off a massive 32,000 Bitcoins from its holdings since mid-June. This selling spree has also led to significant selling pressure on Bitcoin, which fell to a four-month low earlier this week on Monday, July 8.
Bitcoin Holds Firm Amid German Government’s Selling
After today’s substantial selling by the German government, Bitcoin has managed to maintain its price stability, currently trading 1.49% higher at $58,542 with a market cap of $1.1154 trillion.
Significant sales and movements of assets to exchanges can typically dampen market sentiment. However, some analysts argue that the recent price drop was excessive. This sentiment is supported by the increased inflows into spot Bitcoin ETFs over the last three trading days, totaling $645 million, led by BlackRock’s IBIT. These inflows suggest that institutional investors are absorbing much of the selling pressure originating from the German government.
Last week, Tron founder Justin Sun made a bold offer to purchase all of the German government’s Bitcoin holdings through an over-the-counter (OTC) desk to mitigate market selling pressure. If the German government continues selling Bitcoin at the current pace, it could potentially deplete its entire Bitcoin reserve by the beginning of August next month.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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