In less than a month’s time, the German government has liquidated nearly 37,000 Bitcoins from its holdings. The govt. has transferred 375 Bitcoin each, to crypto exchanges Bitstamp, Coinbase, and Kraken.
Despite a heavy sell-off on Wednesday, July 10, the German government has continued liquidating its Bitcoin holdings. As per the latest data from Arkham Intelligence, the German government has moved a total of 1,125 BTC to three crypto exchanges Bitstamp, Kraken, and Coinbase, just a few minutes ago from the press time.
On Wednesday, the German government sold off over 10K Bitcoins, however, with today’s selling, its total holdings have further dropped to 13,177 BTC with its value now dropping to $767 million. In less than a month’s time, the German government has liquidated nearly 37,000 Bitcoins from its holdings back in mid-June. Thus, if they continue selling at the same pace, they might empty their wallet by the end of this month.
In addition to the exchange, the German government transferred 1,000 BTC to the suspected B2C2 Group at address 139PoP…H7ybVu. Additionally, they moved 250 BTC to an unmarked address at bc1qu3…guzr4j. This move has sparked interest and speculation within the cryptocurrency community about the government’s strategic crypto asset management.
German Govt. Bitcoin Wallet Sees Major Shuffle
Over the last two days, there’s been a major shuffle taking place in the Bitcoin wallets belonging to the German government. After sending over 10,8000 Bitcoins during the day on Wednesday, the wallets received a total of 2,442 Bitcoins worth $141 million back late last night.
According to Arkham data, a wallet received 903 Bitcoins (worth $52.3 million) from the crypto exchange Kraken. Additionally, it recorded inflows of 1,529 Bitcoins (worth $88.6 million) from addresses currently unidentified by the on-chain analytics platform. The German government also received ten Bitcoins (worth $575,000) from Bitstamp.
There’s no specific reason as to why the wallet received the BTC back. However, The Block’s Research Director Steven Zheng gave a plausible explanation for it stating:
“They were unsold Bitcoin as part of a sale agreement between the crypto exchange and the country.”
German Bundestag member and Bitcoin advocate Joana Cotar criticized the government’s decision to swiftly sell its Bitcoin holdings instead of implementing a comprehensive Bitcoin strategy, calling it “counterproductive”.
Interestingly, the massive Bitcoin sell-off in the last two days hasn’t impacted BTC price much as it continues to hold steady above the $58,000 level as of now.
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