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Bitcoin Holdings in Germany Drop to 18,100 in Recent Sell-Off
The massive wave of Bitcoin selling by the German government continued further until July 10. In the last hour alone, approximately 8,853 Bitcoins left the German government’s wallets, according to data from Arkham Intelligence. This required Germany’s Bitcoin reserves at 15,110 Bitcoin, for a current value of $887 million.
Bitcoin Selloff Continues in Germany
Earlier today, the German government began selling its Bitcoin in large quantities, moving them between cryptocurrency exchanges and other wallets. According to data from Arkham Intelligence, the German government moved a whopping 1,250 BTC to popular cryptocurrency exchanges Kraken and Coinbase.
Shortly after, the government also transferred a total of 536,108 BTC to Cumberland DRW, 4,127,281 BTC to Flow Traders, 2,000 BTC to the alleged B2C2 group at the address 139PoP…H7ybVu. Additionally, on-chain data also shows a transfer of 690 BTC to the unmarked address bc1qu3…guzr4j.
Today marks one of the largest daily transfers by the German government, which appears to be in a hurry to reduce its Bitcoin holdings. In the last 20 days alone, the government has sold a whopping 35,000 Bitcoin from its holdings in mid-June. This massive sell-off has also led to a sharp sell-off in the price of Bitcoin, which fell to a four-month low earlier this week on Monday, July 8.
Read also: German Government Starts Another Massive Bitcoin Fire Sale, But There’s a Catch
BTC Price Remains Stable Despite Selling
Following today’s sale by the German government, Bitcoin Price managed to hold its position and is currently trading up 1.49% at $58,542 and with a market cap of $1.1154 trillion.
Of course, significant selling and asset movements to exchanges can dampen sentiment, but some argue that the price decline has been overdone. This sentiment is being reinforced by increased inflows into spot Bitcoin ETFs. Over the past three trading days, the Bitcoin ETF Spots recorded $645 million in total inflows with BlackRock’s IBIT leading the pack. This shows that institutions have stepped up their game once again absorbing most of the selling pressure coming from the German government.
Last week, Tron founder Justin Sun made a bold offer to buy all the BTC held by the German government at an OTC desk, just to avoid the market’s selling pressure. Well, if the German government continues its Bitcoin sell-off at this rate, it can probably empty its Bitcoin stash by early August next month.
Read also: Can Bitcoin Withstand German Selloff?