German government moved $175 million in Bitcoin to multiple locations
Recently, the German government transferred more than $175 million worth of Bitcoin to multiple cryptocurrency exchanges, causing widespread concern and concern in the market. According to data from blockchain investigation company PeckShieldAlert, on July 4, a cryptocurrency wallet labeled "Germany Government (BKA)" transferred 1,300 Bitcoins worth approximately US$75 million. These Bitcoins were transferred to Coinbase. , Kraken and Bitstamp are the three major cryptocurrency exchanges.
Source: PeckShieldAlert The German Government (BKA)’s wallet transferred a large amount of Bitcoin
According to further investigation by foreign media "Cointelegraph", the German government wallet also transferred another 1,700 Bitcoins to a separate wallet address. The value of this batch of Bitcoins is approximately $99 million. These transfers of Bitcoin have intensified the selling pressure in the market, especially in the context of the transfers of Bitcoin whales by the US government and the German government, as well as the upcoming Mt. Gox repayment plan, which has had a negative impact on the stability of the Bitcoin market. Significant impact.
Wallets flagged by the German government have held 50,000 Bitcoins since February 2024 and moved a significant portion of them over the past few months. The Bitcoins were seized by the German government from illegal activities and it sells its confiscated cryptocurrency assets through regular auctions. According to data from Arkham, the German government still has 43,000 Bitcoins in its wallets, worth about $2.34 billion.
Source: Arkham Number of Bitcoins currently held by the German government
German lawmakers urge the government to stop selling!
As the Bitcoin market faces continued selling pressure, German Bundestag member Joana Cotar strongly condemned the government’s recent decision to sell Bitcoin on a large scale and called on the government to reconsider this strategy. Cotar noted in the post that the government's move is counterproductive and could have a long-term negative impact on market stability.
Cotar said: "Bitcoin, as the world's largest cryptocurrency, not only has the potential to diversify assets, but also can serve as a hedge against inflation and currency devaluation. She also emphasized that Bitcoin's scarcity makes it an ideal driver of innovation, economic development An important asset for sovereignty and technological advancement. The United States views Bitcoin as a strategic reserve currency, and the German government’s selling behavior appears short-sighted.”
In 2023, Cotar proposed a bill to make Bitcoin legal tender in Germany, following the example of El Salvador. However, with the recent large-scale transfer and sale of Bitcoin by the German government, the prospects for this bill have become more uncertain. Cotar invited Saxony ministers, President Michael Kretschmer, Finance Minister Christian Lindner and Finance Chancellor Olaf Scholz to her October 17 lecture with Bitcoin evangelist Samson Mow to discuss the strategic significance of Bitcoin.
Source: X German Bundestag member Joana Cotar condemned the government’s selling of Bitcoin
Brother Sun: I am willing to negotiate with the German government to buy all Bitcoins!
As Bitcoin prices fell and the German government transferred millions of dollars worth of Bitcoins, Tron founder Justin Sun proudly announced on X that he was ready to buy his remaining Bitcoins from the German government. Justin Sun stated that he is willing to negotiate with the German government to purchase all Bitcoins through over-the-counter transactions (OTC) to minimize the impact of these Bitcoins flowing into the market on prices.
Sun’s proposal aims to mitigate the negative fluctuations that a large-scale sell-off could have on Bitcoin’s market value. He told his 3.5 million followers on
Source: X Justin Sun expressed his willingness to conduct over-the-counter transactions with the German government to purchase all its Bitcoin
The incident highlights the importance and potential of OTC trading in the cryptocurrency market. If Sun's negotiations are successful, it will help stabilize the market and provide a reference for similar large-scale cryptocurrency holdings in the future. However, if the government sales continue without intervention, the Bitcoin market may face further price volatility and market uncertainty.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.