The German government is intensifying its Bitcoin sell-off, preparing to sell an additional $342 million worth of BTC.
The German Government’s wallet, tracked on Arkham Intelligence, has accumulated 6,000 more Bitcoins, valued at $354 million, for its next sell-off phase.
To date, 5,853 Bitcoins have been transferred to various exchanges like Coinbase, Kraken, and Flow Traders, as well as some unconfirmed addresses. The upcoming sale will involve offloading around $342 million worth of BTC.
Continuing Bitcoin Sell-Off
This latest move follows a previous sell-off of 3,100 Bitcoins, worth $178 million at the time, on July 9. Additionally, the wallet withdrew 1,700 Bitcoins, valued at $91.78 million, from Bitstamp, suggesting difficulties in selling the full amount on the exchange.
Sumary Review: The German government’s aggressive Bitcoin sell-off, now totaling $354 million, signals a potential increase in market volatility. With a substantial portion of Bitcoin being moved to major exchanges and additional large-scale sales planned, this could impact Bitcoin’s price and market dynamics in the near future. Investors and market observers should brace for possible fluctuations as the German government continues its strategy of offloading significant amounts of BTC.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
