The German government is showing no signs of relaxing its ongoing Bitcoin selloffs via crypto exchanges, market makers, and some anonymous entities.
Earlier today, the Bitcoin address associated with the German government unloaded 1,000 BTC tokens, valued at $55.8 million at the time of the transaction, to external wallets. Among the beneficiaries were leading exchanges Bitstamp and Coinbase and an anonymous wallet suspected to be an over-the-counter (OTC) entity.
At the time of the Bitcoin offload, the premier asset was battling bearish volatility, trading at around $55K. Following the early morning round of sales, the German government’s Bitcoin portfolio dropped to 38,826 BTC worth $2.17 billion.
However, data from market tracking platform Arkham Intelligence shows that the government has a larger plan to liquidate more Bitcoin today. Their Bitcoin address has since moved an additional 1,738.7 BTC to more external wallets over the past few hours. In the subsequent transactions, it interacted with newer entities for the first time since the selling spree commenced in June.
The new entities include the institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu,” as Arkham noted. At the time of the disclosure, the German government has moved 2,738.7 BTC worth $155 million.
TODAY: German Government selling up to $155M BTC
Today the German Government sent 2738.7 BTC ($155.3M) to likely exchanges/market makers including Kraken, Cumberland, 139Po (likely deposit for institutional/OTC service) and address bc1qu.
Of this, 1533 BTC ($87.6M) has been… pic.twitter.com/NcvqK6HKVZ
— Arkham (@ArkhamIntel) July 8, 2024
German Government Dumped $419M Bitcoin, But Market is Bullish
However, more recent data shows the government address has offloaded even more Bitcoin assets, with some transactions as recent as 17 minutes ago at the time of reporting.
At the last check, their Bitcoin holding has crashed to 32,488 BTC worth $1.86 billion. Essentially, the German government has offloaded as much as 7,338 BTC tokens today at press time worth $419,286,862, per Bitcoin’s current value.
As of June, their wallet had a balance of 45,609 BTC. The latest figure of 32,488 implies that the authorities have liquidated 13,121 Bitcoins since last month.
Interestingly, their most recent sales occur at a time when Bitcoin is witnessing a recovery in value, opposing the usual bearish momentum that trails the government’s Bitcoin movement. Specifically, Bitcoin currently trades at $57,139.12, a significant uptick from the earlier low of $54,321. Notably, Bitcoin hit an intraday high of $58,100 before settling around $57K.
Before now, the German government’s unyielding Bitcoin liquidation had stirred the crypto scene, causing panic. However, the fear surrounding the development appears to be subsiding as the market today is bullish rather than bearish.
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