Surprising Surge in Prices as German Government Dumps 419286862 in Bitcoin

The German government remains committed to its ongoing sale of Bitcoin through various crypto exchanges, market makers, and anonymous entities. Today, the government’s Bitcoin address transferred 1,000 BTC, valued at $55.8 million, to external wallets. The recipients included Bitstamp and Coinbase, as well as an anonymous wallet suspected to be an over-the-counter (OTC) entity.
At the time of the transaction, Bitcoin was facing bearish volatility, trading at around $55K. After the sale, the German government’s Bitcoin portfolio decreased to 38,826 BTC, worth $2.17 billion.
However, data from Arkham Intelligence, a market tracking platform, reveals that the government has a larger plan to liquidate more Bitcoin today. The Bitcoin address has since moved an additional 1,738.7 BTC to other external wallets over the past few hours. Interestingly, these transactions involve newer entities, marking a departure from the previous selling spree that began in June.
Arkham identified the new entities as the institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu.” As of now, the German government has transferred a total of 2,738.7 BTC, worth $155 million.
Recent data indicates that the government address has continued to sell Bitcoin assets, with some transactions occurring as recently as 17 minutes ago. As of now, their Bitcoin holdings have dropped to 32,488 BTC, worth $1.86 billion. Today alone, the German government has sold as much as 7,338 BTC, equivalent to $419,286,862.
In June, their wallet contained 45,609 BTC, meaning that they have liquidated 13,121 Bitcoins since then.
Interestingly, these recent sales coincide with Bitcoin’s recovery in value, contradicting the usual bearish trend that follows the government’s Bitcoin movements. Bitcoin is currently trading at $57,139.12, a significant increase from its earlier low of $54,321. The cryptocurrency even reached an intraday high of $58,100 before stabilizing around $57K.
Previously, the German government’s unwavering Bitcoin liquidation had caused panic in the crypto scene. However, the market sentiment appears to be shifting, as today’s market is bullish rather than bearish.
Disclaimer: This article is for informational purposes only and should not be regarded as financial advice. The opinions expressed in this article are solely the author’s and do not reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not responsible for any financial losses incurred.