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CDS Crypto News German Government Ramps Up Bitcoin Sell-Off, Preparing to Offload $342 Million Worth of BTC

Crypto News

German Government Ramps Up Bitcoin Sell-Off, Preparing to Offload $342 Million Worth of BTC

Zeynep Öztürk10/07/20241 Mins read134

German Government Ramps Up Bitcoin Sell-Off, Preparing to Offload $342 Million Worth of BTC

The German government is intensifying its Bitcoin liquidation, planning to sell an additional $342 million worth of BTC.

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According to Arkham Intelligence, a wallet tagged as German Government (BKA) has recently accumulated 6,000 more Bitcoin, valued at $354 million, in preparation for the next phase of BTC sell-offs.

To date, 5,853.409 Bitcoin have been transferred to various addresses linked to exchanges like Coinbase, Kraken, Flow Traders, and other unidentified or unconfirmed addresses.

The effort to offload approximately $342 million worth of BTC is currently underway.

Continuing BTC Sell-off

This ongoing distribution of the 6,000 BTC follows the July 9 outflow of 3,100 BTC, which was worth $178 million at that time.

Notably, the wallet also withdrew 1,700 BTC, valued at $91.78 million, from Bitstamp, suggesting an inability to sell them on the exchange.

On July 9, the wallet held around 26,000 BTC, worth about $1.5 billion. A related address used for off-loading the funds held 4,800 BTC.

As of July 10, the wallet’s current holdings have decreased to approximately 18,110 BTC, now worth $1.06 billion, marking a reduction of over $400 million since July 9.