The German government sold another 1,300 BTC to major cryptocurrency exchanges today. According to data from Arkham Intelligence. The total discharge was approximately $76 million. Moreover, Bitcoin price fell below $58,000 a minute after this massive liquidation and sparked fears of further decline.
The German government's Bitcoin liquidation spree
This latest liquidation involves transferring 500 Bitcoin worth $29.05 million to Bitstamp. According to Arkham Intelligence. In addition, the German government also transferred 400 bitcoins worth $23.24 million to Coinbase. And another 400 BTC to Kraken.
In addition, the German government transferred a staggering 1,700 bitcoins worth $98.76 million to an unknown wallet. This deal also raises speculation about an imminent sell-off, as the government could use the new wallet to further offload Bitcoin. Earlier, a similar trend was observed for the German government as it transferred Bitcoin to new addresses immediately after selling to the platform.
Furthermore, this brings the total Bitcoin offloaded by the German government to approximately 10,000 BTC. As of now, the government owns 40,359 Bitcoin worth $2.32 billion. The ongoing liquidation of Bitcoin holdings by German authorities highlights their ongoing efforts to manage and potentially reduce their exposure to the volatile cryptocurrency market. However, the real motive behind these sell-offs is not yet clear.
Recent data from Arkham Intelligence indicates that the government transferred 832 Bitcoin worth $50 million on July 2. In addition, on the same day. Another 361,877 bitcoins worth $22.65 million were transferred to market maker Flow Traders. These significant moves reflect the government's strategic and methodical approach to divesting its Bitcoin holdings.
Before the German government's unloading of Bitcoin holdings that began on June 18. It contained 50,000 bitcoins. It was seized from the operators of pirated movie sites in early January 2024. Furthermore, the government has now erased its Bitcoin holdings by approximately 20%.
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