The German government continues its cryptocurrency operation, which it started recently, without slowing down. With the transactions carried out on Thursday, the number of government-owned Bitcoins (BTC) decreased significantly. According to the data obtained, Bitcoin sales by the German government exceeded 35,000 BTC in total.

According to data provided by Arkham Intelligence, 10,567 BTC from wallets associated with the German government were transferred to exchanges such as Bitstamp, Coinbase, Kraken and Flow Traders. Following these transactions, the amount of Bitcoin held by the government decreased from 50,000 BTC to 4,925 BTC, i.e. from approximately $3 billion to $285 million.

Sales in the last week continued to exceed 35,000 BTC. If this sales pace continues, it is predicted that the government's holdings of Bitcoins may be completely exhausted on Friday or at the beginning of next week. This may lead to a significant movement in the markets.

Bitcoin's Price Status
While these sales are taking place, the Bitcoin price also attracts the attention of investors. BTC, which has experienced a small decrease of 0.016% in the last 24 hours, is currently trading at $ 57,400. Although it reached the $ 59,000 level during the day, there was a retreat again. BTC's market volume also decreased to 1.132 trillion dollars.

Bitcoin's 24-hour transaction volume increased by 8% and reached over 28 billion dollars. This shows that there is still intense trading activity in the market. In the coming days, the amount of BTC that governments will sell will decrease and Mt. Selling pressure is expected to decrease with the completion of Gox refunds.

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