German Gov't Sells Amother $67 M In Bitcoin Amid Market Woes

In
a
continued
effort
to
liquidate
its
substantial
Bitcoin
holdings,
the
German
government
has
once
again
engaged
in
significant
transactions
involving
BTC,
according
to
data
from
blockchain
analytics
platforms
Arkham
Intel.
This
morning,
the
Federal
Criminal
Police
Office
(BKA)
executed
nine
transactions
involving
a
total
of
roughly
2,786
BTC.

German
Gov’t
Continues
Its
Bitcoin
Sell-Off

Arkham
Intel’s
data
shows
that
four
of
them
are
internal
transfers
while
five
transactions
were
direct
transfers
to
crypto
exchanges
and
market
makers,
suggesting
an
intent
to
sell.
The
five
potential
sales
amount
to
1,095.339
BTC
worth
approximately
$67
million.
Specifically,
the
BKA
made
two
125
BTC
transfers,
each
worth
approximately
$7.7
million,
to
well-known
crypt
exchanges
Bitstamp
and
Kraken.

An
additional
transaction
involved
a
minute
test
transfer
of
0.001
BTC
to
Flow
Traders,
a
leading
market
maker.
This
small
transaction
was
soon
followed
by
a
much
larger
transfer
of
345.338
BTC
to
the
same
entity,
strongly
suggesting
preparation
for
a
substantial
sell
order.

Related
Reading

Another
noteworthy
transfer
of
500
BTC
was
directed
to
an
enigmatic
address
tagged
as
“139Po.”
This
address
has
seen
previous
activity
linked
to
the
German
government
but
remains
shrouded
in
mystery,
speculated
to
be
another
sale
point.

Bitcoin
holdings
Germany
|
Source:

Arkham

These
transactions
form
part
of
a
broader
trend
observed
since
last
week.
Just
a
day
prior,
on
June
25,
the
government
had

disposed
of
400
Bitcoin
worth
$24
million
on
Kraken
and
Coinbase,
as
well
as
500
BTC
to
address
“139Po.”

This
is
in
addition
to
significant
movements
earlier
last
week:
$130
million
worth
of
BTC
were
transferred
to
exchanges
on
June
19
and
$65
million
on
June
20.
Counterbalancing
these
outflows,
the
government
received
$20.1
million
back
from

Kraken
and
$5.5
million
from
wallets
associated
with
Robinhood,
Bitstamp,
and

Coinbase.

BTC
Price
Hangs
Above
Critical
Level

The
pattern
of
large-scale
disposals
by
the
German
government
has
contributed
to
fluctuations
in
Bitcoin’s
market
price,
which
has
experienced
a
decline
of
approximately
6%
since
the
onset
of
these
transactions.
Bitcoin’s
value
briefly
fell
below
the
$60,000
threshold
following
the

announcement
from
Mt.
Gox about
disbursing
approximately
$9
billion
worth
of
Bitcoin
and
Bitcoin
Cash
starting
in
July.

Market
analysts
and
investors
are
also
keenly
observing
these
governmental
actions
as
the
sell-off
seems
to
continue
at
a
slow
pace.
This
strategic
liquidation
by
the
German
government
arrives
at
a
pivotal
juncture
for
market
sentiment,
with
Bitcoin
prices
teetering
just
above
critical
support
levels.
Should
the
daily
trading
price
close
below
the
$60,000
threshold,
it
could
potentially
trigger
a
more
pronounced
downturn
in
Bitcoin’s
price,
exacerbating
market
volatility
and
uncertainty.

At
press
time,
BTC
traded
at
$61,451.

BTC
price,
1-day
chart
|
Source:

BTCUSD
on
TradingView.com

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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