The wallet labeled German Government (BKA) on Arkham Intelligence has loaded up 6,000 more Bitcoin worth $354 million in preparation for the next round of BTC sell-offs.
So far, 5,853.409 Bitcoin (BTC) has been sent to addresses associated with exchanges such as Coinbase, Kraken, Flow Traders, and other unidentified or unconfirmed addresses.
The next attempt to offload roughly $342 million has begun.
Related: German gov’t prepares for next $276M BTC sell-off
Ongoing BTC sell-off
This ongoing distribution of the 6,000 BTC follows the outflow of 3,100 BTC worth $178 million (at the time) on July 9.
Incidentally, the address also withdrew 1,700 BTC worth $91.78 million from Bitstamp, recouping its BTC holdings and indicating the inability to off-load them on the exchange.
On July 9, the holdings stood at around 26,000 BTC, worth roughly $1.5 billion with an linked address used to off-load the funds holding 4,800 BTC
As of July 10, the current holdings of the wallet are only around 18,110 BTC, now worth $1.06 billion — down over $400 million since July 9.
This is a developing story, and further information will be added as it becomes available.