The German government has continued its efforts to sell off its substantial Bitcoin holdings, with recent data from blockchain analytics platforms Arkham Intel showing significant transactions involving BTC. The Federal Criminal Police Office (BKA) executed nine transactions totaling roughly 2,786 BTC, including internal transfers and direct transfers to crypto exchanges and market makers for potential sales.
Among the transactions, two transfers of 125 BTC each were made to well-known exchanges Bitstamp and Kraken, amounting to approximately $7.7 million each. Additionally, a test transfer of 0.001 BTC to market maker Flow Traders was followed by a larger transfer of 345.338 BTC, indicating preparation for a substantial sell order.
Another noteworthy transfer of 500 BTC was made to an address labeled as “139Po,” speculated to be another sale point for the German government. These transactions are part of a larger trend observed since last week, with significant movements of BTC to and from exchanges and wallets.
Currently, the German government holds 45,264 BTC valued at around $2.8 billion, making it one of the top nation-state holders of Bitcoin globally. These large-scale disposals have contributed to fluctuations in Bitcoin’s market price, with a recent decline of approximately 6% following the transactions.
Market analysts and investors are closely monitoring these governmental actions as Bitcoin prices teeter above critical support levels. Should the daily trading price close below the $60,000 threshold, it could potentially trigger a more pronounced downturn in Bitcoin’s price, adding to market volatility and uncertainty.
At the time of writing, BTC is trading at $61,451.