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German Government Bitcoin Holdings Drop to $887 Million in Recent Selloff.
The German government continued their massive Bitcoin selloff on July 10, 2024, sending nearly 8,853 Bitcoins out of government wallets.
According to data from Arkham Intelligence, this reduces Germany's Bitcoin holdings to 15,110 BTC which is now worth around $887 million.
On the same day, the German government began selling large amounts of Bitcoin, sending them to various crypto exchanges and other wallets.
Data from Arkham Intelligence shows that the German government moved 1,250 BTC to popular crypto exchanges Kraken and Coinbase.
Additionally, they also moved 536,108 BTC to Cumberland DRW, 4,127,281 BTC to Flow Traders, 2,000 BTC to the alleged group B2C2, and 690 BTC to an unknown address.
This massive selling action by the German government has caused BTC prices to fall to their lowest level in four months earlier this week.
However, after the latest sell-off by the German government, Bitcoin price managed to hold its ground and is currently trading up 1.49% at $58,542 with a market capitalization of $1.115 trillion.
Market Response and Institutional Initiatives
Heavy selling and movement of assets to exchanges may dampen market sentiment, but some argue that the price drops are excessive. This sentiment was supported by increased inflows into the spot BTC ETF.
Will this sale have an upward effect on the top crypto? like :$ETH $BNB $SOL
