German Government Dumps $419,286,862 in Bitcoin Today, But Prices Rise Instead

The German government shows no signs of easing the ongoing selling of Bitcoin through cryptocurrency exchanges, market makers, and some anonymous entities.

Earlier today, the Bitcoin address associated with the German government downloaded 1,000 BTC tokens, valued at $55.8 million at the time of the transaction, to external wallets. Beneficiaries included major exchanges Bitstamp and Coinbase, and an anonymous wallet suspected of being an over-the-counter (OTC) entity.

At the time of Bitcoin’s offload, the leading asset was battling bearish volatility, trading around $55K. After the morning sell-off, the German government’s Bitcoin wallet dropped to 38,826 BTC, worth $2.17 billion.

However, data from market monitoring platform Arkham Intelligence shows that the government has a broader plan to liquidate more Bitcoin today. Their Bitcoin address has since moved another 1,738.7 BTC to multiple external wallets in the past few hours. In subsequent transactions, it has interacted with newer entities for the first time since the sell-off began in June.

The new entities include institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu,” Arkham noted. At the time of disclosure, the German government had moved 2,738.7 BTC worth $155 million.

German Government Dumps 419 Million Bitcoin, But Market Is Bullish

However, more recent data shows that the government address has sold even more Bitcoin assets, with some transactions dating back just 17 minutes at the time of reporting.

At last check, their Bitcoin holdings have plummeted to 32,488 BTC worth $1.86 billion. In essence, the German government has dumped up to 7,338 BTC tokens as of press time today worth $419,286,862, based on the current value of Bitcoin.

Since June their portfolio had a balance of 45,609 BTCThe latest figure of 32,488 means that authorities have liquidated 13,121 Bitcoin since last month.

Interestingly, their most recent sell-off comes at a time when Bitcoin is seeing a recovery in value, as opposed to the usual bearish momentum that follows the government Bitcoin movement. Specifically, Bitcoin is currently trading at $57,139.12, a significant uptick from the previous low of $54,321. Notably, Bitcoin hit an intraday high of $58,100 before settling around $57,000.

So far, the German government’s inflexible position Bitcoin Liquidation had shaken the cryptocurrency scene, causing panic. However, the fear surrounding the development seems to be subsiding as the market today is bullish rather than bearish.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal views of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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