German Government Accelerates Bitcoin Sell-off
The German government has intensified its Bitcoin (BTC) sell-off, with over 16,000 BTC being transferred to crypto exchanges and market makers on July 8th.
Earlier in the day, a significant amount of BTC was sent out, followed by a hefty dump of more than 13,200 BTC from the German government wallets.
Largest Single-Day Transfer of 16,000 BTC by German Government
Analysis of on-chain data revealed that German government wallets moved BTC worth $155 million to various exchanges following a previous small sell-off. This triggered a drop in Bitcoin's price from above $57k to just under $56k.
Shortly after these transactions, an additional 8,100 BTC amounting to over $463 million was sent to crypto exchanges. Subsequently, another substantial transfer occurred, bringing the total for the day to over 16,000 BTC, marking it as the largest single-day dump by the German government.
According to blockchain security firm Arkham, the wallets facilitated the transfer of 5,200 BTC ($297.3 million) to platforms like Kraken, Bitstamp, Coinbase, and 139Po, setting a record for the highest BTC transfer in a day by the German government.
German Government's Current BTC Holdings
Despite the massive transfers, the German government still holds over 23,000 BTC. Recent interactions with Cumberland and the address bc1qu were noted in the latest BTC transfers. The consistent selling has significantly reduced the government's Bitcoin holdings from an initial 50,000 seized earlier this year.
The current value of Germany's BTC holdings has decreased from over $3 billion to approximately $1.35 billion. These bitcoins were confiscated from the illegal movie site, Movie2k.
As a result of the ongoing government selloff and Mt.Gox repayments, Bitcoin's price has declined by 10% in the past week, with the current price hovering around $56,152, down 1.3% in the last 24 hours.
