The German government sells Bitcoin worth 155 million

CoinWorld reports:
The German government has taken another big step in the cryptocurrency market by selling a large amount of Bitcoin. This Bitcoin transaction, monitored by Arkham, has caught the attention of analysts and market observers.
Please also read: German Bitcoin Liquidation: Detailed Breakdown of $95 Million Bitcoin Sent to Exchanges
Here are the key details of the latest Bitcoin sale by the German government for a better understanding of the whole situation:
Total amount of Bitcoin sold: 2,738.7 Bitcoin
Value in US dollars: $155.3 million
Transaction date: July 8, 2024
The Bitcoin has been transferred to various exchanges and market makers, including Kraken, Cumberland, 139Po, and the address bc1qu. It is worth noting that the transfer to 139Po may involve institutional deposits or over-the-counter trading services.
This transaction marks the first interaction between the German government and Cumberland and the address bc1qu. Could this be the beginning of a new relationship? If so, it may also involve a change in the government’s strategy for liquidating Bitcoin.
Please also read: Why is the German government transferring Bitcoin?
The timing of these transfers is also interesting and provides some important insights:
1533 BTC ($87.6 million) transferred within one hour, with the remaining balance allocated on the same day.
Taking all these aspects into account, we can calculate that this transaction represents approximately 0.47% of the daily trading volume, having a minimal impact on asset prices.
Please also read: Ripple: Analyst Claims XRP is an Asset That Can Replace the US Dollar
The monitoring of this large-scale Bitcoin transaction by Arkham highlights the importance of blockchain trackers more than ever before. As they pointed out in their report, “The German government’s speech today has sold $155 million worth of Bitcoin.” With such transparency, other market participants can make informed decisions based on real-time data.
This is not the first time the German government has traded a portion of its BTC holdings in the past month. These transactions can lay the foundation for the growing intersection between traditional government operations and the digital asset space.