Flow

Bitcoin

The German government has resumed selling its Bitcoin holdings on July 12. The move follows the return of some previously transferred BTC to the government’s Bitcoin wallet.
<a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">According</a> to Arkham blockchain data, the German government executed multiple transactions, transferring a total of 3,200 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) across various platforms.&nbsp;
<h3 data-ct-non-breakable="true" id="recent-transfers">Recent transfers</h3>
The transfers were sent to Bitstamp, Kraken and Coinbase, which received 400 BTC each. Additionally, 1,000 BTC and 500 BTC were sent to two unknown addresses.
Meanwhile, crypto analyst Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1811664289163534538" target="_blank" rel="noopener nofollow">shared</a> a post on X speculating that the remaining Bitcoin worth approximately $300 million will likely be sold on July 12.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/6662f9dd-ac7c-4968-b227-5a19f01d116e.png" alt="German gov’t Bitcoin wallet drops to 5,800 BTC after major sale" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/CryptoMichNL/status/1811664289163534538" target="_blank" rel="noopener nofollow">Michael van de Poppe</a>
 </figcaption>
</figure>
Historically, large sales by government entities can lead to increased market volatility. However, the careful distribution of Bitcoin across different platforms might help prevent sudden and extreme price swings.
The German government’s wallet, which holds Bitcoin seized from a film pirating website seized in January, has transferred billions of dollars in Bitcoin since June 19 but ramped up efforts at the start of July.
<h3 data-ct-non-breakable="true" id="market-sell-pressure">Market sell pressure</h3>
Starting with 50,000 Bitcoin, the wallet has sold a significant chunk of its holdings over the past month. With 5,800 Bitcoin remaining, the German government has sold 44,200 — 88.4% of the original 50,000. 
Related: <a href="https://cointelegraph.com/news/crypto-traders-tell-pesimissts-buy-the-dip-bitcoin">‘Buy the dip’ mentions on social platforms surge as Bitcoin stumbles</a>
On July 11, the German government’s Bitcoin wallet&nbsp;<a href="https://cointelegraph.com/news/germany-bitcoin-wallet-down-to-9000-btc-transfers">temporarily fell below</a> 5,000 BTC after transferring approximately $615 million worth of Bitcoin to various cryptocurrency exchanges, including Coinbase, Bitstamp, Kraken, Flow Traders and two unknown addresses, according to blockchain analytics firm Arkham.
German lawmaker and Bitcoin advocate Joana Cotar <a href="https://cointelegraph.com/news/german-mp-urge-government-stop-selling-bitcoin">has expressed disapproval</a> over the country’s large-scale sale of Bitcoin, suggesting that the cryptocurrency could have been utilized as a safeguard against traditional financial system risks by adopting it as a “strategic reserve currency” instead.
The recent decline in Bitcoin’s price can be attributed to a combination of factors, including Germany’s significant sale of BTC and concerns that Mt. Gox is releasing a substantial amount of Bitcoin&nbsp;<a href="https://cointelegraph.com/news/mt-gox-creditors-sell-8-2b-btc">worth over $8 billion</a>&nbsp;to its creditors, which has led to market uncertainty and downward pressure on prices.
Magazine: <a href="https://cointelegraph.com/magazine/financial-crisis-end-crypto-bull-run/">Could a financial crisis end crypto’s bull run?</a>

German gov’t Bitcoin wallet drops to 5,800 BTC after major sale

Table of Contents

Cointelegraph

Other articles published on Jul 12, 2024

TON-based Trending Meme Token DOGS listed on Bitget Pre-market

Tigran Gambaryan: US Congress members submit resolution for release of detained Binance executive

Crypto: XRP Reaches a New Milestone Towards Institutional Recognition!

BlockDAG’s Big Bang Launch: X1 Miner App Hits $57.4M Presale as Investors Ditch Shiba Inu Update ...

$JUICE Partners with GotBit Hedge Fund to Launch the World’s First Healthcare Memecoin

Buy These Altcoins Now and Reap Massive Returns Later!

Join our free newsletter for daily crypto updates!