A cryptocurrency wallet labeled “German Government (BKA)” has transferred another $52 million worth of Bitcoin, raising concerns about further sales from the government’s substantial Bitcoin holdings.
On July 2, the wallet linked to the German government moved 832.7 Bitcoin in four separate transactions.
The transfers included 100 BTC to Coinbase, 150 BTC to Bitstamp, and over 32 BTC to Kraken, as reported by Arkham Intelligence.
The largest portion, 550 BTC valued at over $32 million, was sent to a wallet identified as “139Po.” This wallet has previously received significant amounts of Bitcoin from the German government, including 500 BTC on June 25 and 800 BTC on June 20.
Monitoring the selling activity of large Bitcoin holders can provide investors with crucial insights into potential price movements, as substantial sell orders can exert downward pressure on the Bitcoin market.
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