The German government once again transferred 2,700 Bitcoins (BTC) worth approximately US$154.6 million on the afternoon of Friday (12th) Taiwan time, part of which was transferred to exchanges such as Coinbase, Bitstamp and Kraken. The German government’s Bitcoin wallet currently still holds 6,394 BTC (worth $365 million), which is approximately 13% of the pre-sale amount.

Source: Lookonchain

Billions of dollars worth of Bitcoin have been transferred out of the cryptocurrency wallet since June 19, tagged by on-chain intelligence firm Arkham to the “German Government (BKA).” Arkham noted earlier today that the wallet sent 10,620 BTC (valued at $615 million) to Coinbase, Bitstamp, Kraken, and market maker Flow Traders yesterday, as well as two anonymous addresses that may belong to institutional deposits or over-the-counter trading services. At one point, only 4,925 BTC remained, but soon after, some of the funds were transferred back to the German government’s wallet.

Following this afternoon’s transfer, the German government’s wallet currently has just 6,394 BTC left, worth $365 million.

The fear and greed index falls into the "fear" zone

The German government's sell-off and concerns that the Mt. Gox exchange will begin paying back creditors may be behind the sharp decline in Bitcoin prices in recent weeks. Data from the crypto derivatives data analysis platform CoinGlass shows that the current fear and greed index in the Bitcoin market has fallen into the "fear" zone.

The Fear and Greed Index measures current sentiment changes in the Bitcoin market. CoinGlass explains that when the index reaches "extreme fear," it indicates that investors are too worried and may be a buying opportunity.

Source: CoinGlass

Bitcoin was trading at $57,070 at press time, down about 1.7% in the past 24 hours and 16% over the past month.

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