German government sends over 16,000 BTC to exchanges

by

As a crypto investor with some experience under my belt, I find the recent actions of the German government wallets quite disconcerting. The massive sell-offs of over 16,000 BTC in one day is an alarming development that has undeniably contributed to the current downward trend in Bitcoin’s price.

The German government’s Bitcoin holdings have accelerated their selling spree, transferring over 16,000 Bitcoins to crypto exchanges and market makers on July 8.

The German government wallet disposed of approximately 13,200 BTC following the transaction of around 2,700 BTC earlier in the day.

German government moves 16,000 BTC, largest single day transfer

Recently, on-chain records indicated that German government wallets moved approximately $155 million in Bitcoin to various exchanges following an initial small sale. However, this transaction seems to be part of a larger plan, as the cryptocurrency market responded with a decline in price from around $57,000 to nearly $56,000.

Shortly after the initial Bitcoin transfers, over $463 million worth of Bitcoin (approximately 8,100 coins) was forwarded from these wallets to cryptocurrency exchanges within a few hours’ time.

In minutes, another huge transfer followed.

As a blockchain analyst at Arkham, I’ve closely monitored wallet transactions and identified that over 16,000 Bitcoin were moved in a single day. This represents the largest one-day offloading by the German government, according to our records.

As a researcher, I’ve uncovered some intriguing data: The German Government transferred an additional 5200 Bitcoin (approximately $297.3 million) to Kraken, Bitstamp, Coinbase, and 139Po following our recent tweet. This transaction marks their largest single day transfer yet, bringing their total Bitcoin holdings to over 16,000 BTC ($930.5 million). Currently, they manage 23,787.7 BTC ($1.35 billion), which is less than half of this new substantial amount.— Arkham (@ArkhamIntel) July 8, 2024

According to blockchain records, the German government wallet transferred 2,738.7 Bitcoin on July 8 to exchanges and market makers such as Kraken and 139Po.

German government still hold over 23,000 BTC

I have analyzed the recent Bitcoin transactions according to Akhman’s findings. Notably, there were new engagements observed between the parties involved and Cumberland, as well as the address bc1qu. The significant selling activity has led to a substantial decrease in the German government’s Bitcoin holdings over the past few weeks.

Based on the on-chain data, it is estimated that the German government currently holds approximately 23,787 Bitcoin out of the 50,000 confiscated in the beginning of the year. The value of these holdings has decreased from over $3 billion to roughly $1.35 billion as of now. These Bitcoins were seized from the pirated movie site Movie2k.

Bitcoin price is currently down 1.3% in the past 24 hours to change hands around $56,152.

As a researcher examining the cryptocurrency market trends, I’ve noticed that Bitcoin (BTC) has experienced a significant drop of over 10% within the last week. Several factors seem to be driving this downward trend. Firstly, there have been reports of government selling off their Bitcoin holdings. Additionally, Mt.Gox, a well-known cryptocurrency exchange that went through bankruptcy and subsequent repayments, has contributed to the market instability with its recent actions.

Read More

2024-07-08 19:04