German Government Transfers Over 3,000 Bitcoin Amid Continued Sell-Off

German Government Transfers Over 3,000 Bitcoin Amid Continued Sell-Off

In the last hour, the German government has transferred over 3,000 Bitcoin, contributing to a significant spike in BTC volume over the past 24 hours, now reaching a five-figure sum.

This activity continues the Bitcoin liquidation trend initiated by the German government last week. Despite appeals from parliamentary members like Joana Cotar, a German lawmaker and BTC advocate, urging the government to halt these sales, the disposals persist.

Cotar has called on the government to stop the “hasty disposal of state-owned Bitcoin,” advocating instead for the adoption of Bitcoin as a “strategic reserve currency” to mitigate risks associated with the traditional financial system.

Significant Bitcoin Volume Moved

In the last 24 hours, the German government’s Bitcoin wallet has seen a combined inflow and outflow of over 6,000 BTC, with more than half of this amount being transferred out of the wallet.

Throughout the day, the wallet, which currently holds 35,488 BTC — valued at over $2 billion — received 4,340 BTC. Over 3,000 of these were moved to exchanges or other unknown addresses.

Political Disagreement Over Bitcoin Strategy

On July 4, Cotar issued a statement urging the German government to retain its Bitcoin holdings. She argued that holding onto Bitcoin could help diversify the country’s treasury assets, encourage innovation, and act as a hedge against inflation.

Cotar described the decision to sell the Bitcoin holdings as “not only imprudent but counterproductive.” Nevertheless, the government proceeded to sell an additional $172 million worth of Bitcoin later that same day.

At that time, the wallet in question held over 42,200 BTC, valued at $2.4 billion. These numbers have since decreased to just over 35,400 BTC and $2 billion, respectively.

Additional Sell Pressure from Mt. Gox

Adding to the market sell pressure is the recent announcement from the defunct crypto exchange Mt. Gox, which has begun repaying its Bitcoin and Bitcoin Cash debts.

Nobuaki Kobayashi, the trustee overseeing the Mt. Gox repayments process, confirmed in an official release that repayments would proceed “in accordance with the Rehabilitation Plan.”

A post from MtGoxBalanceBot on X noted that the known addresses of the trustee held over 94,400 BTC, with more than 47,000 BTC moved so far.