As a researcher with a background in cryptocurrencies and government finance, I find the German government’s recent Bitcoin sell-off intriguing. The latest data from Arkham Intelligence indicates that the German government has transferred another 1,125 BTC to crypto exchanges Bitstamp, Kraken, and Coinbase, bringing their total holdings down to 13,177 BTC with a value of $767 million. This sell-off is significant as it follows the German government’s earlier decision to sell off nearly 37,000 Bitcoins in mid-June.
Despite significant Bitcoin selling by the German government on July 10, new data from Arkham Intelligence indicates they have recently transferred a total of 1,125 BTC to three cryptocurrency exchanges: Bitstamp, Kraken, and Coinbase. This transaction occurred just moments before this statement was released.
On Wednesday, the German government sold off over 10K Bitcoins, however, with today’s selling, its total holdings have further dropped to 13,177 BTC with its value now dropping to $767 million. In less than a month’s time, the German government has liquidated nearly 37,000 Bitcoins from its holdings back in mid-June. Thus, if they continue selling at the same pace, they might empty their wallet by the end of this month.
The German government not only executed the exchange but also sent 1,000 Bitcoin to the suspected B2C2 Group at the address 139PoP…H7ybVu. Furthermore, they transferred 250 Bitcoin to an unidentified wallet with the address bc1qu3…guzr4j. This covert action has ignited curiosity and debate among cryptocurrency enthusiasts regarding Germany’s tactical handling of crypto assets.
German Govt. Bitcoin Wallet Sees Major Shuffle
Over the past two days, significant transactions have occurred in the Bitcoin holdings of the German government. On Wednesday alone, they transferred out approximately 10,800 Bitcoins. Subsequently, these wallets received around 2,442 Bitcoins worth roughly $141 million during late hours last night.
Based on Arkham’s information, Kraken transferred 903 Bitcoins, equivalent to $52.3 million, into a wallet. Furthermore, the wallet obtained 1,529 Bitcoins, or approximately $88.6 million, from sources yet unidentified by the on-chain analysis tool. The German government acquired ten Bitcoins, valued at around $575,000, from Bitstamp.
There’s no specific reason as to why the wallet received the BTC back. However, The Block’s Research Director Steven Zheng gave a plausible explanation for it stating:
“They were unsold Bitcoin as part of a sale agreement between the crypto exchange and the country.”
Joana Cotar, a German Bundestag member and Bitcoin supporter, expressed her disapproval towards the hasty disposal of the government’s Bitcoin assets, describing it as “contrary to productive actions”.
It’s intriguing that the significant selling of Bitcoin over the past two days has had minimal effect on its price, which remains stable above the $58,000 mark at present.
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2024-07-11 13:31