German government shows no signs of easing its sell-off of Bitcoin through cryptocurrency exchanges, market makers, and some anonymous entities.
Earlier today, Bitcoin addresses associated with the German government unloaded 1,000 BTC tokens to external wallets, worth $55.8 million at the time of the transaction. Beneficiaries include leading exchanges Bitstamp and Coinbase, as well as an anonymous wallet suspected to be an over-the-counter (OTC) entity.
During the sell-off, this primary asset is battling bearish volatility, with the trading price reaching approximately $55 million. After the morning sell-off, the German government’s Bitcoin investment portfolio dropped to 38,826 BTC, valued at $2.17 billion.
However, data from market tracking platform Arkham Intelligence indicates that the government has a larger plan in place to liquidate more Bitcoin today. In the past few hours, their Bitcoin addresses have transferred an additional 1,738.7 BTC to more external wallets. In subsequent transactions, the company interacted with new entities for the first time since the frenzy of selling began in June.
Arkham noted that the new entities include institutional market maker Cumberland and an anonymous wallet starting with “bc1qu.” At the time of disclosure, the German government has transferred 2,738.7 BTC, valued at $155 million.
Today: German government sells up to $155 million worth of BTC. Today, the German government sent 2,738.7 BTC ($155.3 million) to possible exchanges/market makers, including Kraken, Cumberland, 139Po (possibly used for institutional/OTC trading services), and the address bc1qu. Of these, 1,533 BTC ($87.6 million) have been… pic.twitter.com/NcvqK6HKVZ – Arkham (@ArkhamIntel) July 8, 2024
German government sells $419 million worth of Bitcoin, but market remains bullish.
However, recent data shows that the government address has sold more Bitcoin assets since the report, with some transactions occurring 17 minutes prior.
Upon the latest check, they hold 32,488 BTC, valued at $1.86 billion. Essentially, as of the time of writing, the German government has sold 7,338 Bitcoin tokens, valued at $419,286,862 based on the current value of Bitcoin.
As of June, their wallet balance was 45,609 BTC. The latest figure of 32,488 suggests that the authorities have liquidated 13,121 Bitcoin since last month.
Interestingly, their recent sales come during a period of Bitcoin value recovery, contrary to the bearish sentiment usually observed after government Bitcoin movements. Specifically, Bitcoin’s current trading price is $57,139.12, a significant increase from the earlier low point of $54,321. It is worth noting that Bitcoin reached a high of $58,100 during the session before settling around $57,000.
Prior to this, the German government’s ruthless liquidation of Bitcoin had disrupted the cryptocurrency market and caused panic. However, concerns surrounding the developments seem to be subsiding as today’s market is bullish rather than bearish.