The German government has successfully sold 88.4% of its original 50,000 Bitcoin holdings, leaving 5,800 Bitcoin remaining.
On July 12, the German government resumed selling its Bitcoin holdings. This move follows the return of some previously transferred funds to the government’s Bitcoin wallet.
Recent Transactions
According to Arkham blockchain data, the German government executed several transactions, transferring a total of 3,200 Bitcoin across various platforms. These transactions were confirmed at precisely 15:02 UTC+8.
The Bitcoin distribution involved Bitstamp, Kraken, and Coinbase each receiving 400 BTC, totaling 1,200 BTC. Additionally, 1,000 BTC was sent to an address believed to belong to B2C2 Group, specifically address 139PoP…H7ybVu., and 500 BTC was transferred to an unmarked address, identified as bc1qu3…guzr4j.
Analyst Predictions
Crypto analyst Michaël van de Poppe speculated on social media that the remaining Bitcoin, worth approximately $300 million, is likely to be sold on July 12. Large sales by government entities have historically led to increased market activity and potential price fluctuations. However, the careful distribution of Bitcoin across different platforms might help prevent sudden and extreme price swings.
Background
The German government’s Bitcoin wallet, holding Bitcoin seized from a film pirating website crackdown in January, has transferred billions in Bitcoin since June 19, with increased activity at the start of July.
Market Impact
Starting with 50,000 Bitcoin, the government wallet has significantly reduced its holdings over the past month. With 5,800 Bitcoin remaining, the German government has successfully sold 44,200 Bitcoin, amounting to 88.4% of the original 50,000.
This large-scale distribution highlights the government’s methodical approach to selling its Bitcoin holdings, aiming to
Summary Review: The German government’s recent Bitcoin sales demonstrate a methodical approach to liquidating their holdings. By distributing the Bitcoin across multiple platforms, they aim to minimize market disruption and prevent sudden price fluctuations. With 5,800 Bitcoin remaining from the original 50,000, the government has successfully sold 88.4% of its Bitcoin holdings. This significant reduction underscores the government’s strategic efforts to manage and divest its cryptocurrency assets while maintaining market stability. The remaining Bitcoin, worth approximately $300 million, may see further sales, potentially impacting market dynamics in the near future.
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