The German government moved to sell another 1,000 BTC worth $55.8M.
This latest sale reduces their Bitcoin holdings to 38,826 BTC, valued at around $2.17, from 45K BTC last month.
The latest sale comes amid the value of Bitcoin crashing to $55K today.
The German government has just orchestrated another massive Bitcoin sale, liquidating 1,000 BTC tokens worth approximately $55.8 million in transactions that took place within the past hour.
Crypto surveillance account Lookonchain called attention to the development in a post on X, citing data from the intelligence platform Arkham. The data indicates that the German government offloaded the transferred Bitcoin via popular cryptocurrency exchanges Coinbase, Bitstamp, and an over-the-counter (OTC) entity.
The #German government transferred 1,000 $BTC($55.8M) out again 15 minutes ago, of which 500 $BTC($27.9M) was deposited to #Coinbase and #Bitstamp.The #German government currently holds 38,826 $BTC($2.17B).https://t.co/h2JlBVFPsL pic.twitter.com/NS5pkMixrj
— Lookonchain (@lookonchain) July 8, 2024
This latest sale brings the German government’s Bitcoin holdings down to 38,826 BTC, currently valued at approximately $2.17 billion. This marks a significant reduction from its holdings of over 45,000 BTC in June.
The German government’s Bitcoin holdings have been a subject of interest in the crypto community, with many following the government’s transactions. Last Friday, they transferred BTC worth $57.2 million to Flow Traders, while an additional $27.1 million worth was sent for institutional or OTC services.
Meanwhile, earlier in the week, the German government moved Bitcoin worth over $200 million to various external addresses. These transfers triggered significant volatility in the crypto market, with Bitcoin’s value hitting a low of $53,700 last week.
In response to the government’s sell-off, Justin Sun, an advisor to the HTX Global exchange, expressed intentions to negotiate with the German government to minimize the impact of their sale on the market. Sun proposed an off-market transaction so that the sale of Bitcoin would not trigger volatility.Meanwhile, the German government is not the only entity responsible for the bearish pressure in the market. The bankrupt Japanese exchange Mt. Gox is prepared to pay back Bitcoin valued at around $9 billion to customers this month. Mt. Gox’s on-chain transactions have continued to trigger fears among market participants.
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