Breaking: German Govt Unloads Another 1125 Bitcoin To Coinbase & Other Exchanges
The German government has accelerated its Bitcoin liquidation spree with another 1,125 BTC offloaded to popular crypto exchanges. This move raises concerns toward a BTC price dip.
HIGHLIGHTS
The German government's Bitcoin holdings are now close to 13,000 BTC.
The latest offloading was registered on July 11 with 1,125 BTC shifted to prominent exchanges.
The German government-associated address also transferred 1,250 BTC to other wallets.
On Thursday, July 11, the German government intensified its unprecedented sell-off of Bitcoin (BTC), disposing of an additional 1125 BTC through prominent exchanges such as Coinbase, Kraken, and Bitstamp. This move comes amidst a series of strategic sales aimed at liquidating part of its substantial BTC holdings, initially seized from a movie piracy website.
German Governmentâs Latest Bitcoin Dump
According to Arkham Intelligence data, the German government offloaded 375 BTC, valued at approximately $21.77 million, each to Coinbase, Kraken, and Bitstamp. Simultaneously, it transferred another 1250 BTC to various addresses. This move suggests that further BTC selloff could be initiated via these addresses.
Notably, a substantial portion of these transfers included 1000 BTC, equivalent to a staggering $58.05 million, had been shifted to the suspected B2C2 Group address, 139PoPâŠH7ybVu. This address has been observed frequently receiving transfers from the German government. It mostly acts as an intermediary as it redistributes funds to other wallets.
In parallel, an additional 250 BTC, valued at approximately $14.51 million, was shifted to another address. This also raises concerns of an impending liquidation on the German governmentâs part. These transactions have profoundly impacted Germanyâs BTC reserves. The governmentâs reserve now holds 13,177 BTC with an estimated market value of $765.94 million.
the BTC price showed resilience and remained stable at $57,000.
