The German government transferred over 1,000 Bitcoins via cryptocurrency exchanges including Coinbase and Kraken on July 11, amidst a downturn in the Bitcoin market. This transfer is the latest in a series that has prompted scrutiny of the government’s Bitcoin strategy.
Breakdown into German Government’s Latest BTC Selloffs
According to the blockchain intelligence platform Arkham, the German government moved 375 BTC ($21.8 million) each to Bitstamp, Kraken, and Coinbase, totaling 1,125 BTC ($65.3 million) at around 7:50 a.m. UTC.
UPDATE: German Government selling up to 2375 BTC ($137.87M)
In the past hour, the German Government has sent 2375 BTC ($137.87M) to Kraken, Bitstamp, Coinbase, 139Po (likely institutional deposit/OTC service) and address bc1qu.
Since yesterday’s movements, the German Government… pic.twitter.com/2T57FPbAer
— Arkham (@ArkhamIntel) July 11, 2024
Additionally, the government transferred 1,000 BTC ($58.1 million) to a B2C2 Group wallet, a known market maker and OTC service provider.
A final transfer of 250 BTC ($14.5 million) went to a suspected OTC service institutional deposit address.
German government transfers BTC to crypto exchanges. Source: ArkhamContinuing this flurry of activity, the German government later moved nearly 152 BTC ($8.9 million) to crypto market maker Cumberland DRW.
In total, these July 11 German BTC transactions represent 2,527 BTC, valued at $146.8 million.
This latest series of German BTC transfers follows an unexpected inflow of 2,442 BTC into the government’s wallet on July 10.
German Government received 2,442 BTC on July 10. Source: ArkhamThis influx included 903 BTC ($52.3 million) from Kraken, 1,529 BTC ($88.6 million) from unknown addresses, and 10 BTC ($575,000) from Bitstamp, potentially representing unsold assets from a prior agreement.
These Bitcoin holdings originated from the confiscation of 50,000 BTC from the film piracy website Movie2K in early January 2024.
Despite these substantial outflows, the wallet connected to the German government still holds 12,925 BTC, valued at approximately $756.336 million.
German Government BTC Transfers Draws Criticism Amid BTC Market Decline
The German government’s approach to selling its Bitcoin holdings has attracted criticism.
German politicial Joana Cotar believes holding BTC “as a strategic reserve currency,” rather than a massive Bitcoin sell-off.#Bitcoinhttps://t.co/gvARKMQmK0
— Cryptonews.com (@cryptonews) July 5, 2024
Last week, German lawmaker Joana Cotar voiced concerns regarding the mass Bitcoin selloff, characterizing the decision to quickly sell without a clear strategy as illogical and detrimental.
She advocated for a more deliberate and strategic approach to managing these assets.
Despite this criticism, the recent 1,125 BTC transfer suggests the German government remains committed to liquidating its holdings.
The volume of Bitcoin being transferred and sold through these transactions may have an impact on market dynamics and prices.
At press time, the price BTC sits at $59,032, reflecting a 2.07% increase over the past 24 hours.
This increase, however, does not negate the recent decline potentially linked to the German government’s Bitcoin transactions.
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