On Thursday, July 11, the German government intensified its unprecedented sell-off of Bitcoin, disposing of an additional 1125 BTC through prominent exchanges such as Coinbase, Kraken, and Bitstamp. This move comes amidst a series of strategic sales aimed at liquidating part of its substantial Bitcoin holdings, initially seized from a movie piracy website.

German Government’s Latest Bitcoin Dump

According to Arkham Intelligence data, the German government offloaded 375 BTC, valued at approximately $21.77 million, each to Coinbase, Kraken, and Bitstamp. Simultaneously, it transferred another 1250 BTC to various addresses. This move suggests that further Bitcoin selloff could be initiated via these addresses.

Notably, a substantial portion of these transfers included 1000 BTC, equivalent to a staggering $58.05 million, had been shifted to the suspected B2C2 Group address, 139PoP…H7ybVu. This address has been observed frequently receiving transfers from the German government. It mostly acts as an intermediary as it redistributes funds to other wallets.

In parallel, an additional 250 BTC, valued at approximately $14.51 million, was shifted to another address. This also raises concerns of an impending liquidation on the German government’s part. These transactions have profoundly impacted Germany’s Bitcoin reserves. The government’s reserve now holds 13,177 BTC with an estimated market value of $765.94 million.

This marks a substantial decline from the reported 50,000 BTC holdings as of June 18, 2024. Moreover, earlier, on July 10, the government offloaded over 10,600 Bitcoin to exchanges and other addresses. This gigantic dump took away the German government’s “Bitcoin Billionaire” status. However, the BTC price showed resilience and remained stable at $57,000.

The post Breaking: German Govt Unloads Another 1125 Bitcoin To Coinbase & Other Exchanges appeared first on CoinGape.

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Filed under: News - @ July 11, 2024 8:22 am