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

39
German Government Ramps Up Bitcoin Sell-Off, Preparing to Offload $342 Million Worth of BTC

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.

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.

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

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.

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

1 Comment

Leave a Reply

Related Articles

XRP Price Falls Following SEC’s Decision to Cancel Important Meeting With Ripple

XRP's price reversed its Wednesday gains following the SEC's unexpected decision to...

The Dark Side of Cryptocurrency: Shock Claim About Worldcoin from ZachXBT

The Dark Side of Cryptocurrency: Shock Claim About Worldcoin from ZachXBT

Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain Data Infrastructure

Chainbase Raises $15 Million in Series A Funding to Advance Web3 On-Chain...

Craig Wright Denies Being Satoshi Nakamoto, Adds Disclaimer to Website

The Crypto Open Patent Alliance accused Craig Wright of fabricating evidence in...