Germany Holds Firm on Bitcoin! Another $170 Million of BTC Sold in the Past Hour!
In a surprising move, the German government has continued to sell off its Bitcoin holdings despite the recent decline in the cryptocurrency’s price. According to data from blockchain analysis firm Arkham, Germany transferred hundreds of millions of dollars worth of Bitcoin today.
The transfers included approximately 3,133 BTC ($170 million) to various crypto exchanges and market makers. Coinbase and Bitstamp each received 300 BTC ($17.13 million), while market maker Flow Traders received 1,000 BTC ($57.08 million). In addition, 250 BTC worth $14.29 million was sent to an address starting with “bc1qu” and 150 BTC ($8.57 million) to the Kraken exchange.
Notably, the German government also sent 1,000 BTC worth $57.16 million to an address suspected to belong to liquidity provider B2C2 Group, which starts with “139PoP.” Finally, a transfer of 133,722 BTC worth $7.63 million was made to market maker Cumberland DRW.
Even after these transfers, the German government still holds $2.017 billion worth of BTC in its wallet. This raises questions about the government’s strategy regarding Bitcoin and its impact on the cryptocurrency market.
Meanwhile, Tron (TRX) founder Justin Sun suggested that Germany could purchase its Bitcoins via over-the-counter (OTC) transactions to alleviate the selling pressure on Bitcoin. However, neither Germany nor Justin Sun has made an official statement regarding Bitcoin trading.
In an update, Arkham reported that the German government continued its transfers, sending a significant amount of BTC to the address suspected to belong to Coinbase, Bitstamp, Kraken, Flow Traders, and B2C2 Group. As of now, the German government still holds 23,788 BTC worth $1.33 billion.
Arkham also noted that today’s BTC transfers mark the largest transfer day ever for Germany, with over 16,000 BTC transferred in total.
As the German government continues to sell off its Bitcoin holdings, it remains to be seen how this will impact the cryptocurrency market and whether other countries will follow suit. Investors and enthusiasts will be closely monitoring the situation for further developments.
Disclaimer: This article does not constitute investment advice. Cryptocurrency investments are subject to market risks.
