German Government Transfers More Than 16000 BTC to Exchanges
The German government has accelerated its sale of Bitcoin (BTC) by transferring more than 16,000 BTC to crypto exchanges and market makers on July 8. Earlier in the day, they had already transferred over 2,700 BTC, followed by another dump of over 13,200 BTC. This single-day transfer of 16,000 BTC is the largest by the German government according to blockchain security and intelligence firm Arkham.
The transfers were worth $155 million and resulted in a drop in Bitcoin’s price from above $57k to just under $56k. Shortly after these initial transactions, the government wallets sent an additional 8,100 BTC worth over $463 million to crypto exchanges. Arkham’s analysis of wallet movements throughout the day revealed a total transfer of over 16,000 BTC.
Another notable transfer from the German government wallet on July 8 was the sending of 2,738.7 BTC to exchanges and market makers, including Kraken and 139Po. These recent transfers, which involved interactions with Cumberland and the address bc1qu, have significantly reduced the German government’s Bitcoin holdings. Previously holding 50,000 seized bitcoins, their current holdings stand at around 23,787 BTC, with a value of approximately $1.35 billion, down from over $3 billion. The German government had confiscated these bitcoins from the pirated movie site Movie2k.
As a result of the government selling and Mt.Gox repayments, Bitcoin’s price has declined by 10% in the past week. Currently, the price is down 1.3% in the past 24 hours, trading at around $56,152.
