German Government Sells Another 1,125 Bitcoins to Coinbase and Other Exchanges, What Happened?
The German government stepped up its unprecedented Bitcoin sell-off today, selling an additional 1,125 Bitcoins through prominent exchanges such as Coinbase, Kraken, and Bitstamp.
The move comes as the German government has made a series of strategic sell-offs aimed at liquidating part of its large Bitcoin holdings, which were originally seized from a movie piracy website.
German Government's Latest Bitcoin Sell-off
According to Arkham Intelligence, the German government has transferred 375 BTC to Coinbase, Kraken, and Bitstamp, worth approximately $21.77 million each. At the same time, it has transferred another 1,250 BTC to various addresses. The move suggests that these addresses may trigger further Bitcoin sell-offs.
Notably, a large portion of these transfers, including 1,000 Bitcoins, equivalent to a staggering $58.05 million, have been moved to the suspected B2C2 group’s address 139PoP…H7ybVu. This address has been observed to frequently receive transfers from the German government. It mainly acts as an intermediary, redistributing funds to other wallets.
Meanwhile, another 250 Bitcoins (worth about $14.51 million) were transferred to another address. This also raises concerns about an impending liquidation by the German government. These transactions have had a profound impact on Germany’s Bitcoin reserves. The government reserves currently hold 13,177 Bitcoins with an estimated market value of $765.94 million.
This is a significant drop from the 50,000 BTC holdings reported as of June 18, 2024. Moreover, earlier, on July 10, the government transferred more than 10,600 Bitcoins to exchanges and other addresses. This massive sell-off has robbed the German government of its “Bitcoin billionaire” status. However, BTC price showed resilience and remained stable at $57,000.
