Germany Holds On to Bitcoin: Over $170 Million Worth of BTC Sold in the Last Hour!
In a surprising move, the German government has once again sold a significant amount of Bitcoin, despite the recent drop in its price. According to data from blockchain analysis firm Arkham, Germany transferred hundreds of millions of dollars worth of Bitcoin today.
The transfers included approximately 3,133 BTC ($170 million) to various crypto exchanges and market makers. Specifically, 300 BTC ($17.13 million) were sent to Coinbase and Bitstamp exchanges, while 1,000 BTC ($57.08 million) were transferred to market maker Flow Traders. Additionally, 250 BTC worth $14.29 million were sent to an address starting with “bc1qu,” and 150 BTC ($8.57 million) were sent to the Kraken exchange.
In another significant move, the German government sent 1,000 BTC worth $57.16 million to an address starting with “139PoP,” suspected to belong to liquidity provider B2C2 Group. Lastly, the German government transferred 133,722 BTC worth $7.63 million to market maker Cumberland DRW.
Despite these transfers, the German government still holds a substantial amount of Bitcoin in its wallet, with a value of $2.017 billion.
Interestingly, while Germany continues to sell off its Bitcoin holdings, Tron (TRX) founder Justin Sun suggested that Germany could purchase all its Bitcoins via OTC (over-the-counter) transactions to reduce the selling pressure on Bitcoin. However, there has been no official statement from either Germany or Justin Sun regarding this matter.
In an update, Arkham data reveals that the German government has made additional transfers to various exchanges, including Coinbase, Bitstamp, Kraken, market maker Flow Traders, and liquidity provider B2C2 Group. As of now, the German government still holds 23,788 BTC worth $1.33 billion.
This series of transfers makes today the biggest transfer day ever for Germany, with a total of over 16,000 BTC transferred, according to Arkham.
It remains to be seen how these ongoing Bitcoin transfers by the German government will impact the cryptocurrency market. Investors and enthusiasts are closely monitoring the situation for any further developments.
Disclaimer: This article does not provide investment advice.