- Germany sold 5,000+ BTC to exchanges like Coinbase and Kraken, driving Bitcoin’s price down to $53,000.
- On-chain data reveals 133.723 BTC moved to Cumberland DRW on July 8, part of a larger $100M Bitcoin sell-off.
- German government holds 32,488 BTC, worth $1.855 billion, with further sell-offs likely to affect market stability.
The German government has offloaded more than $100 million worth of Bitcoin, leading to a notable drop in the cryptocurrency’s price. This event has intensified the ongoing sell-off in the Bitcoin market, contributing to widespread panic among investors.
Large Transfers to Major Crypto Exchanges
The German government transferred over 5,000 BTC to various crypto exchanges and market makers. Among the recipients were prominent exchanges such as Coinbase, Bitstamp, and Kraken, along with the crypto market maker Cumberland DRW and Flow Traders.
According to on-chain data platform Arkham, these transactions occurred within a short span, extending the selling spree that has affected Bitcoin prices.
Detailed Transaction Insights
Arkham’s data revealed that the government transferred 133.723 BTC, valued at approximately $7.63 million, to Cumberland DRW on July 8. This included an initial test transfer of 0.001 BTC, followed by a larger transfer.
The German government has been active in the Bitcoin market, with wallet addresses linked to the Federal Criminal Police Office (BKA) conducting multiple transfers. Since June 19, more than 10,000 BTC have been moved, reducing the government’s holdings from $3.32 billion to $1.855 billion.
Impact on Bitcoin Price
These transfers have triggered a panic sell-off among investors, contributing to a bearish sentiment in the market. The current price of Bitcoin has fallen to $53,000, and further declines are expected as the selling continues. At the time of reporting, Bitcoin was priced at $56,187.42, with a 24-hour trading volume of $36.77 billion, marking a 1.00% decrease in the last day.
Future Sell-Offs Anticipated
The recent activities suggest that the German government may continue its Bitcoin sell-off, potentially leading to more market instability. The government’s current Bitcoin reserves stand at 32,488 BTC, worth an estimated $1.855 billion. These ongoing sell-offs could further impact Bitcoin prices, creating additional challenges for the cryptocurrency market.
This series of events highlights the influence of government actions on the crypto market and shows the volatility that can arise from large-scale transactions. Investors will need to stay informed and monitor these developments closely as they unfold.
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