German government sells 8,853 Bitcoins, trimming holdings amid market impact.
Bitcoin stabilizes at $58,542 after government’s significant sell-off.
The German government’s recent move to sell off substantial Bitcoin holdings has made big waves in the cryptocurrency market. According to Arkham Intelligence data, approximately 8,853 Bitcoins were transferred out of government wallets today, reducing their total holdings to 15,110 Bitcoins valued at $887 million.
This follows a series of large-scale transactions earlier in the day, including transfers to major exchanges like Kraken and Coinbase.
The German Government lost its “Bitcoin billionaire” status today.In the past hour, they have sent another 2000 BTC ($117.3M) to Coinbase, Kraken and 139Po.They now have 13,360 BTC ($784.96M) remaining – that’s 26.8% of the Bitcoin originally seized from Movie2k. pic.twitter.com/ZbA2wuzQhi
— Arkham (@ArkhamIntel) July 10, 2024
These actions mark one of the largest single-day sell-offs by a government entity, contributing to recent volatility that saw Bitcoin prices plummet to a four-month low earlier this week. Despite initial concerns about market sentiment, Bitcoin has since stabilized, currently trading 1.41% higher at $58,082 with a market cap of $1.1154 trillion.
Analysts suggest that while such significant sales can impact short-term prices, institutional interest, particularly through spot Bitcoin ETFs. It has mitigated some of the selling pressure. In the past three trading days alone, these ETFs attracted $645 million in inflows. It indicates a resilient institutional appetite amidst market fluctuations.
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