The post German Government’s $55M Bitcoin Move Sparks Speculation Amid Market Turbulence appeared on BitcoinEthereumNews.com.

The German government sold 900 BTC worth over $54 million on June 25. The government’s Bitcoin wallet still holds over $2.8 billion worth of BTC, which could exert significant selling pressure. The current instability in the crypto market has triggered a surge in transactions as both whales and investors reshuffle assets to navigate the downward momentum. This activity has revived long-dormant wallets and attracted attention from large-scale portfolio holders, including the German government. German Government Shuffles Bitcoin A crypto wallet labeled “German Government (BKA)” has sparked a frenzy across the industry, with hundreds of Bitcoins being moved in various transactions across exchanges. On June 25, on-chain intelligence provider Arkham Intelligence spotlighted the transfer of 400 BTC from the wallet, moved in a two-part transaction to crypto exchanges Coinbase and Kraken. The transaction, worth approximately $24.4 million at current prices, occurred around 07:38 UTC. It was followed by another 500 BTC transfer, valued at $30.5 million, to an unnamed address. UPDATE: German Government selling additional $24M BTC In the past 2 hours the German Government has moved 400 BTC to exchange deposits at Kraken and Coinbase. They have also moved 500 BTC to address 139Po. We have yet to see where these funds are moved. pic.twitter.com/D6QCUv9Jgx — Arkham (@ArkhamIntel) June 25, 2024 These Bitcoin transactions are not the only ones witnessed by the German government in recent weeks. They follow a previous movement of $130 million worth of BTC six days prior. An additional $65 million worth of BTC was moved on June 20, 2024, after which the wallet received approximately $20.1 million back from Kraken and a total of $5.5 million from crypto wallets linked to Coinbase, Robinhood, and Bitstamp. Despite the weight of its recent transactions, the German government-linked Bitcoin wallet holds a total of 46,359 BTC in balance,…

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Filed under: News - @ June 27, 2024 11:26 am