How Much BTC Does Germany, Which Dropped Bitcoin, Have: What to Pay Attention to?

The German Government deposited $110.8 million worth of Bitcoin (BTC) to the exchanges in 2 days.

An address that the on-chain data and analysis platform Arkham labeled as the Federal Criminal Police Office in Germany had first transferred 6,500 Bitcoins (BTC) to an address with the code "bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd".

The government then increased the frequency of transfers and moved 1,700 BTC worth $110.8 million to cryptocurrency exchanges Coinbase, Kraken and Bitstamp in 2 days.

According to the data shared by Lookonchain, with the last transfer that triggered the decline in Bitcoin and cryptocurrencies today, 47,179 Bitcoins worth more than $3 billion remained in the wallet of the German government.

While it was thought that the large amount of Bitcoin in question could create a sales pressure in the cryptocurrency market, the sharp decline experienced today proved these thoughts.

Experts say that wallets belonging to assets that are thought to have a direct impact on the Bitcoin price should be closely monitored.

According to CoinGecko data, the Bitcoin price dropped by nearly 3% from the $66,440 level it reached during the day today to $64,564 within a few hours. Bitcoin later recovered slightly, reaching the price of $65,050 at the time of writing.