The leading cryptocurrency, Bitcoin, is back on the agenda as the German government continues its significant BTC sales. In this context, 6,306 Bitcoins were sold. Despite the criticism of German parliament member Joana Cotar, the government did not hesitate to take this step.
Data from intelligence platform Arkham shows that large amounts of BTC have been transferred to institutional addresses such as Cumberland and exchanges such as Kraken. The German government made this transfer of 6,306 Bitcoins, worth approximately $362 million. These transfers sparked intense debate in the cryptocurrency community over Bitcoin's potential to influence market behavior.
Arkham data reveals that German authorities transferred a significant portion of BTC assets through a series of transactions. Specifically, 3,206.9 BTC was moved in just 20 minutes; This highlights the urgency and scale of the operations. Despite the large amount of selling, the government received 5,366 BTC from exchanges such as Coinbase, Bitstamp, and Kraken, indicating a complex cycle of asset redistribution.
Last Monday, more than 5,200 BTC were sent to centralized exchanges; This has raised concerns about potential market volatility. Arkham's data shows that these transfers were directed to Kraken, Bitstamp, and Coinbase, calling into question the impact such moves have on Bitcoin's overall market price and investor confidence. Currently, the German government's BTC holdings are over 22,847 BTC and worth approximately $1.32 billion, raising discussions on strategic sales.
Continuous sales by the German government have suppressed Bitcoin's market value, affecting the perception of stability. For example, Bitfinex reported a 16% decline in BTC value last week and attributed this to continued selling. This situation paved the way for other market players and institutions to re-evaluate their strategies. Large institutions benefited from the decline despite the sell-off. For example, VanEck strategically increased its BTC holdings; This was an indication of confidence in the long-term potential of Bitcoin despite short-term price declines.
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