July 9 Crypto News – German Government Continues Massive Bitcoin Sell-Offs, Transfers $155.3 Million in Latest Move
July 9 Crypto News – According to on-chain data from blockchain analytics platform Arkham Intelligence, the German government has continued its significant Bitcoin (BTC) sell-offs on July 8th.
The government has recently transferred 2,738.7 BTC, amounting to $155.3 million, to various markets and exchanges such as Kraken, Cumberland, and the address ‘bc1qu.’
Market Reaction to German Bitcoin Sell-Offs
Notably, within the past few hours, the German government has sent 1,533 BTC, equivalent to $87.6 million. Prior to this, there were no recorded interactions between the German government and the Cumberland or bc1qu addresses.
Massive Bitcoin Sell-Off: German Government Transfers $760.5 Million in Single Day
Shortly after the initial transaction, an additional 8,100 BTC valued at $463.2 million were sent to exchanges and market makers, including $200 million to Flow Traders. Following this, another 5,200 BTC, worth $297.3 million, was transferred to Kraken, Bitstamp, Coinbase, and 139Po. This has resulted in the largest single-day sell-off, involving nearly 16,000 BTC transferred in total.
Currently, the German government holds 23,787.7 BTC, valued at $1.35 billion, which is less than half of the original holdings seized from Movie2k.
Interestingly, Arkham’s data reveals that the German authorities received nearly 3,000 BTC back later in the day, primarily from Coinbase, Kraken, and Bitstamp. These recent sell-offs by the German government have sparked discussions among industry experts.
Ki Young Ju Highlights Market Misconceptions Amid Government BTC Sales
Ki Young Ju, founder and CEO of CryptoQuant, commented on the situation, noting that government BTC selling remains negligible compared to overall market liquidity. He emphasized that most Mt. Gox BTC holdings have not moved to creditors, and yet, the market sentiment continues to attribute price drops to government selling. Ju observed that smart money is currently replacing less informed investors, indicating that it’s still early days for the market.
Renowned crypto trader Alex Krüger provided a detailed analysis of the sell-offs, highlighting that this marks the final phase of the German government’s Bitcoin sell-off. He suggested that the market could absorb the remaining coins in one move, similar to how it has managed Mt. Gox flows.
Daan Crypto echoed these sentiments, noting that the reduction in the German government’s Bitcoin balance is partly due to price declines and decreasing holdings. He anticipates that the impact on the market should diminish gradually over time.
BeInCrypto reported that over the last weekend, the German government sent an additional 700 BTC, valued at $40.47 million, to the ‘139PoP’ address. These continuous sell-offs by the German government have clearly impacted the market, as reflected in Bitcoin’s price performance since the selling spree began. When the German government initiated these transfers on June 19, Bitcoin was trading around $65,000; it is currently trading at $56,586, marking a nearly 13% decrease.
FAQ
What is the reason behind the German government’s recent Bitcoin sell-offs?
The German government has been selling off Bitcoin as part of its asset management strategy. These sell-offs are believed to be related to managing seized assets from legal cases and possibly optimizing their portfolio amidst market fluctuations.
How much Bitcoin has the German government sold recently?
On July 8, the German government sold a significant amount, totaling nearly 16,000 BTC. This included multiple transactions to exchanges and market makers, amounting to approximately $915.5 million in value.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment