The German government is back in the spotlight with its latest Bitcoin transaction, moving a whopping 500 Bitcoins during a market downturn.
The German government recently transferred 500 Bitcoin (BTC) amid a sharp market decline, with the price of BTC falling to $54,000. The move has sparked concerns that the market crash is accelerating. In addition, the collapsed Mt. Gox cryptocurrency exchange has begun to repay creditors with Bitcoin and Bitcoin Cash (BCH), further exacerbating market panic.
German government's latest Bitcoin transfer insider information
The transfer address is 139Po…, which is known for processing Bitcoin transactions for the German government. In addition, this wallet often receives Bitcoin from the government and transfers it to other wallets. This may lead to a large-scale sell-off on cryptocurrency exchanges. Currently, the German government wallet holds 41,774K BTC, worth up to $2.26 billion. Previously, on July 4, the German government sold 1,300 BTC to mainstream cryptocurrency exchanges. Data from Arkham Intelligence shows that the total amount of this sale is close to $76 million. Shortly after this large-scale liquidation, the price of Bitcoin fell below $58,000, and the trend is still continuing.
In Thursday’s transfer, the German government transferred 500 bitcoins worth $29.05 million to Bitstamp. In addition, they transferred 400 bitcoins each worth $23.24 million to Coinbase and Kraken. In addition, the government transferred 1,700 bitcoins worth $98.76 million to the wallet used in the latest transaction.
This sparked speculation that a sell-off was imminent, as this wallet was often used to further sell off Bitcoin. 1,700 Bitcoins were subsequently transferred from this wallet to another wallet. In addition, this wallet also transferred 500 Bitcoins (worth $27.07 million) today to the wallet address bc1q7…., which was also involved in the German government’s Bitcoin sell-off.
However, the transactions raised concerns that the government’s actions could lead to a more severe market downturn. Instead, the government has recovered 1,570 bitcoins that were transferred on Thursday. Of these, 545 BTC were withdrawn from Coinbase, Bitstamp, and Kraken. Still, the withdrawals did not have a positive impact on BTC.
Amid these Bitcoin transactions, Tron founder Justin Sun made an informal proposal to the German government. He wrote in a post on X: “I am willing to negotiate with the German government to purchase all BTC off-market to minimize the impact on the market.”
