German Government Bitcoin Selling Spree Continues With 6,306 BTC Move, Here’s The Destination | Bitcoinist.com


Bitcoin,
the
largest
cryptocurrency
asset,
is
in
the
limelight
as
the
German
government,
the
Bundeskrimanalamt
(BKA),
has
continued
its
aggressive
BTC
selling
spree,
transferring
over
6,306
BTC
as
part
of
its
ongoing
liquidation
strategy,
which
has
triggered
a
broader
discussion
about
its
potential
impact
on
the
crypto
asset’s
price.


German
Government
Offloads
Thousands
Of
Bitcoin


In
spite
of
recent
warnings
from


Joana
Cotar
,
a
member
of
the
German
parliament,
regarding
the
unreasonable
and
ineffective
Bitcoin
strategy
adopted
by
the
government,
they
are
still
offloading
additional
BTC
from
the
country’s
holdings.

How To Get Free Crypto  


According
to


data


from
a
well-known
intelligence
platform,
Arkham,
the
German
government
moved
the
6,306
BTC,
valued
at
$362
million,
to
the
address
bc1qu,
Cumberland,
139Po
(either
an
institutional
deposit
or
over-the-counter
service),
and
Kraken
early
Tuesday.
The
platform
also
reported
that
out
of
the
6306.9
BTC,
about
3206.9
BTC
were
transferred
in
the
space
of
20
minutes.


The
post
read:


In
the
past
3
hours,
the
German
Government
has
sent
6306.9
BTC
($362.12M)
to
Kraken,
Cumberland,
139Po
(likely
institutional
deposit/OTC
service)
and
address
bc1qu.
Of
this,
3206.9
BTC
($184.58M)
has
been
sent
within
the
past
20
minutes.


Although
the
government
moved
a
substantial
amount
of
BTC
yesterday,
Arkham
revealed
that
the
government
has
gotten
back
a
whopping
5,366
BTC
from
major
cryptocurrency
exchanges
such
as
Coinbase,
Bitstamp,
and
Kraken
following
yesterday’s
massive
transactions. 


It
is
worth
noting
that
on
Monday,
the
authorities
also


carried
out


some
significant
transactions,
with
over
5,200
BTC
sent
to
centralized
exchanges.
Arkham
revealed
that
the
sovereignties
sent
the
aforementioned
coin
to
Kraken,
Bitstamp,
and
Coinbase,
and
to
the
wallet
address
139Po
immediately
after
the
firm
reported
the
development
on
the
X
(formerly
Twitter)
platform.


Despite
these
substantial
Bitcoin
transfers,
data
from
Arkham
shows
that
the


German 
government’s
BTC
holdings
still
hold
over
22,847
BTC,
which
is 
worth
a
staggering
$1.32
billion.
This
number
is
now
less
than
half
of
the
amount
of
BTC
that
was
initially
taken
from
Movie2k.

Coinbase Banner  


Given
the
potential
impact
of
these
large-scale
transactions
on
the
market
and
Bitcoin’s
price,
the
actions
have
caused
quite
a
stir
within
the
cryptocurrency
community.
Bitfinex,
a
leading
Hong
Kong-based
crypto
exchange,
highlighted
that
the
consistent
sell-off
led
to
a
16%
peak-to-trough
decline
in
BTC’s
value
last
week,
falling
from
its
Tuesday
high
to
a
low
of
$53,219.


Are
Major
Institutions
Still
Buying
BTC?


The
German
government
might
be
selling
Bitcoin
at
a
large
scale
causing
the
digital
asset’s
price
to
drop,
but
major
institutions
like
VanEck
have
taken
a
bold
step
to
buy
the
dip.


Matthew
Sigel,
the
firm’s
head
of
digital
asset
research


disclosed


the
strategic
move
to
acquire
more


BTC


despite
the
recent
decline.
According
to
the
research
head,
the
company
purchased
the
Bitcoin
dip
in
several
of
its
multi-asset
portfolios
on
Monday,
underlining
its
confidence
in
the
asset
and
its
potential
to
be
a
valuable
component
of
investment
plans.

BTC
trading
at
$58,729
on
the
1D
chart
|
Source:
BTCUSDT
on

Tradingview.com

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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