The German government continues to sell off its Bitcoin holdings through various means such as crypto exchanges, market makers, and anonymous entities, and there are no indications of a change in this strategy. Today, the government’s Bitcoin address unloaded 1,000 BTC tokens, worth $55.8 million at the time, to external wallets. Bitstamp and Coinbase, two leading exchanges, as well as an anonymous wallet suspected to be an over-the-counter (OTC) entity, were among the recipients. This reduced the German government’s Bitcoin portfolio to 38,826 BTC, valued at $2.17 billion.
However, data from market tracking platform Arkham Intelligence reveals that the government has further plans to liquidate more Bitcoin today. In the past few hours, their Bitcoin address has moved an additional 1,738.7 BTC to other external wallets. Notably, this round of transactions involved new entities, marking the first time since the selling spree began in June.
According to Arkham, these new entities include the institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu”. Currently, the German government has moved a total of 2,738.7 BTC, worth $155 million.
Furthermore, recent data shows that the government address has continued to sell off Bitcoin assets, with some transactions occurring as recently as 17 minutes ago. As of now, their Bitcoin holdings have decreased to 32,488 BTC, valued at $1.86 billion. This means that the German government has sold off as much as 7,338 BTC today, amounting to $419,286,862 based on Bitcoin’s current value.
In June, their wallet balance was 45,609 BTC. The current figure of 32,488 suggests that the authorities have liquidated 13,121 Bitcoins since last month.
Interestingly, these recent sales are happening at a time when Bitcoin is experiencing a recovery in value, contrary to the usual bearish trend that follows the government’s Bitcoin movements. Currently, Bitcoin is trading at $57,139.12, a significant increase from its earlier low of $54,321. Notably, Bitcoin reached an intraday high of $58,100 before settling around $57,000.
Previously, the German government’s persistent Bitcoin liquidation had caused panic in the crypto community. However, the fear surrounding this development seems to be diminishing as the market is currently bullish instead of bearish.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.
