The German government does not stop: New BTC transfer

The German government moved the market by transferring 1533 BTC ($87.6 million) in the last hours.

The German government moved 8,100 BTC worth $463.2 million a few hours after the first transaction. Later, another 5,200 BTC worth $297.3 million was sent to Kraken, Bitstamp, Coinbase and 139Po. It resulted in the largest single-day sell-off, with approximately 16,000 BTC transferred in total.  The government's current Bitcoin holdings, less than half of what was originally seized from Movie2k, stands at 23,787.7 BTC, valued at $1.35 billion.

Data from crypto data platform Arkham shows that German authorities received around 3,000 BTC later in the day, mainly from Coinbase, Kraken and Bitstamp. The German government's recent BTC sales have sparked controversy among industry experts

Ki Young Ju, founder and CEO of CryptoQuant, shared his thoughts on the situation. He stated that the Bitcoin market continues to be affected by “psychological operations”.

Famous crypto analyst Alex Krüger presented a detailed analysis of the sales. He stated that this was the final stage of the German sale and that eventually his holdings would be exhausted. What's more, the rest of the market, just like Mt. He suggested that he could absorb it in one go, just like Gox streams. Another crypto analyst, Daan Crypto, believes that the German government's influence on the market will gradually decrease.

The German government's continuous sales have undoubtedly stimulated the market, which has been reflected in Bitcoin's price performance since the selling frenzy began. When transfers began on June 19, BTC was trading at $65,000. It is currently trading at $56,586, indicating a decline of approximately 13 percent.