German authorities sold off $3 billion in Bitcoin
The German government's Bitcoin wallet balance has dropped to zero after several days of continuously transferring BTC to exchanges and market makers.
According to Arkham, after 25 days of continuously transferring Bitcoin to exchanges and market makers, the German government's BTC wallet is now clean, signaling that the liquidation operation has ended.
BREAKING: The German Government is now out of Bitcoin.
The German Government just sent 3846.05 BTC ($223.81M) to Flow Traders and 139Po (likely institutional deposit/OTC service).
The German Government has 0 BTC ($0.00M) remaining. pic.twitter.com/R2vfylR1b2— Arkham (@ArkhamIntel) July 12, 2024
Bitcoin price during this period fell from 65,600 USD to 57,800 USD, even reaching a 5-month bottom at 53,500 USD, when selling pressure from the German government caused panic among cryptocurrency investors. chemistry.
As reported , German authorities in January 2024 confiscated 50,000 BTC from the pirated movie website Movie2k. By mid-June, the country's government began the process of liquidating assets.
In nearly 4 weeks, the German Bitcoin wallet transferred this $3 billion worth of BTC to popular crypto exchanges in the West such as Coinbase, Kraken, Bitstamp, and a number of market makers such as Cumberland, B2C2,... , with the value gradually increasing from several tens of millions of USD per day in the early stages to hundreds of millions of USD per day in the past week.
Germany's BTC sales continued uninterrupted despite a call from a German parliamentarian, arguing that the government should hold a portion of Bitcoin as a reserve asset to hedge against the risks of inflation and loss. currency price.
However, the cryptocurrency market cannot yet "breathe a sigh of relief" as there is still selling pressure from many other "whales", including Mt. Gox (over 8 billion USD in Bitcoin), Genesis Trading (1.9 billion USD in Bitcoin) and Golem (650 million USD in Ethereum).
In addition, governments around the world are estimated to still hold more than $15 billion in Bitcoin and many other cryptocurrencies, confiscated from criminal activities. Among them, the United States is the country most likely to sell crypto, with the transfer of large amounts of BTC and ETH in late June and early July.
