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Germany’s government has dumped many Bitcoins as it transferred over 900 Bitcoins in two separate transactions. Firstly, 400 Bitcoin worth nearly $25 million was deposited into two different crypto exchanges, Kraken and Coinbase. Later on, 500 Bitcoins were transferred to an unknown wallet address.
The significant movement from the government has ignited interest and speculation in the crypto landscape, as whale activity has gone up enormously recently.
Germany’s 900 BTC Transfer Followed By A Previous 1700 BTC Selloff
As reported by Blockchain monitoring service Arkham, the German government in the 400 BTC transfer between Coinbase and Kraken, divided depositing 200 BTC each to Kraken and Coinbase respectively. The total value of the transfer totaled $24.34 million. It later moved 500 Bitcoins worth $30.42 million to the address 139Po…bVu, while the details of the receiving address are not yet known.
This transfer follows last week’s deposit of nearly 1,700 Bitcoins valued at $110 million into Kraken, Coinbase, and Bitstamp exchanges.
Impact Of The Transfer On Bitcoin’s Price
As per recent data, Germany’s Bitcoin holdings have grown significantly in value worth a notable $2.82 billion including a $1.1 billion in unrealized profit. The massive sell-off by the German government together with substantial outflows from spot Bitcoin ETFs and other market factors might be contributing to the selling pressure that has pushed Bitcoin below $60,000.
Bitcoin has recently dropped and is currently trading at $61,276. The decline comes at a time when $174.5 million in outflows from Bitcoin ETFs were recorded on June 24.
However, despite the sell-offs, other major investors are buying during the price dips. Recently, on June 20, Saylor’s Microstrategy purchased an additional 11,931 Bitcoin using proceeds from $800 million in convertible notes, highlighting contrasting approaches and different confidence levels within the crypto realm.
Investors Faith In Bitcoin
The market uncertainty prevailing due to Mt Gox’s settlement and the BTC ETF outflows is a matter of concern. While there is a bearish sentiment around Bitcoin’s price, many traders and institutions strongly suggest Bitcoin will soon be back on track reaching the $100,000 mark by the end of 2024.
