News
German Government Sends Over 16,000 BTC to Exchanges
German government e-wallets accelerated the sale of Bitcoin (BTC) by sending more than 16,000 BTC to cryptocurrency exchanges and market makers on Monday, July 8.
After previously transferring over 2,700 BTC, the German government wallet quickly sold off more than 13,200 BTC.
German Government Moves 16,000 BTC, Largest Daily Transfer
On-chain data showed that German government wallets transferred $155 million worth of BTC to multiple exchanges after a small previous landfillBut that appears to have been just the beginning, with Bitcoin’s reaction seeing the price drop from over $57,000 to just under $56,000.
Within a few hours of these first transactions, however, the wallets sent another 8,100 BTC worth over $463 million for cryptocurrency exchanges.
Within minutes another huge transfer followed.
According to blockchain security and intelligence firm Arkham, tracked wallet movements showed the daily total reaching over 16,000 BTC. This makes today’s offloading the largest daily dump by the German government, Arkham noted.
The German government sent another 5,200 BTC ($297.3 million) to Kraken, Bitstamp, Coinbase, and 139Po shortly after posting this tweet. This makes it their biggest day yet: over 16,000 BTC in total.
They currently hold 23,787.7 BTC ($1.35 billion). Less than half of the BTC… photo.twitter.com/tO7r0J0w08
— Arkham (@ArkhamIntel) July 8, 2024
According to on-chain data, the other notable transfer from the German government wallet on July 8 was the transfer of 2,738.7 BTC to exchanges and market makers, including Kraken and 139Po.
German government still holds over 23,000 BTC
According to Akham, these latest BTC transfers included new interactions with Cumberland and the bc1qu address. The prolific selling has seen the German government’s Bitcoin holdings drop dramatically in recent weeks.
From the 50,000 bitcoins seized earlier this year, on-chain data shows Germany’s Current BTC Holdings stand at around 23,787 BTC. The value of the holdings has dropped from over $3 billion to around $1.35 billion today. The German government seized these bitcoins from the pirate movie site Movie2k.
Bitcoin price has dropped by 1.3% in the last 24 hours, settling at around $56,152.
The price of BTC dropped by more than 10% last week, due to both government sell-offs and Mt.Gox refunds.