After weeks of continuous selling, the German government now only holds about 9094 Bitcoins in its wallet, worth about 519 million USD. In the past 13 hours, no Bitcoin has been moved, but at the current rate, their BTC holdings could be depleted in less than a few days. According to Arkham data, the German government transferred a total of 5000 BTC in a series of six transactions to exchanges such as Kraken, Coinbase, Bitstamp, Flow Traders and two other wallets. The significant offload caused the Bitcoin price to drop to as low as $54,000.
Interestingly, while the German government sent BTC to exchanges, their wallets also received 900 Bitcoin from Bitstamp 9 hours ago, and Coinbase and Kraken sent 438 BTC and 250 BTC respectively. The FUD (fear, uncertainty and doubt) surrounding this major load shedding has had a significant impact on the market. The current pace suggests that government Bitcoin reserves could be depleted in just 2â3 days, leading to more volatility in the Bitcoin market. $BTC
