The German government has recently offloaded over $54 million worth of Bitcoin, adding potential selling pressure that could push Bitcoin prices below the crucial $60,000 mark.
A cryptocurrency wallet labeled “German Government (BKA)” executed three significant Bitcoin transactions on June 25. The first two transactions, each transferring 200 BTC, were sent to the Coinbase and Kraken exchanges, respectively. The third transaction, involving 500 BTC worth over $30 million, was sent to a wallet identified as “139Po,” whose ownership remains unknown, as reported by Arkham Intelligence.
Interestingly, this isn’t the first interaction between the German government and the “139Po” wallet. Previous transfers to this address include 800 BTC on June 20 and 500 BTC on June 19, indicating a pattern of substantial Bitcoin movements in a short period.
Despite these transactions, the German government’s wallet still holds a significant amount of Bitcoin, with 46,359 BTC remaining, according to Arkham Intelligence.
Summary Review: The recent sale of 900 Bitcoin by the German government, with significant transfers to both Coinbase and Kraken, highlights the ongoing influence of governmental actions on the cryptocurrency market. These transactions, amounting to over $54 million, have the potential to add selling pressure that might drive Bitcoin prices below the key $60,000 threshold. The pattern of significant BTC movements, including transfers to the mysterious “139Po” wallet, suggests a strategic approach by the German authorities in managing their digital assets. As the government’s wallet still holds a substantial amount of Bitcoin, future transactions could continue to impact market dynamics.
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