Arkham Intel data shows that in an effort to continue liquidating its large Bitcoin reserves, the German Government has again conducted significant BTC-related transactions. Today, the Federal Criminal Police Office executed nine BTC transactions totaling 2,786 BTC.
German Government Continues its Bitcoin Sale
Arkham Intel shows four transactions as internal transfers and five transfers were made directly to exchanges or market makers. These transfers indicate an intention to sell. These five sales could total approximately $67,000,000 worth of BTC (1,095.339). The BKA sent two transfers of 125 BTC, worth an estimated $7.7 Million each, to the well-known crypto exchanges Bitstamp & Kraken.
Another transaction included a small test transfer of 0.001 BTC, to Flow Traders. This market maker is a leader in the industry. The small transaction was quickly followed by an even larger transfer of 345.38 BTC made to the same entity. This strongly suggests preparations for large-scale sell orders.
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A mysterious address was tagged with a 500 BTC transfer. “139Po.” This address was previously associated with German government activity, but is still shrouded and rumored to be another sales point.
The transactions are part of an overall trend that has been observed over the past week. The government only a few days earlier had disposed You can buy 400 Bitcoins worth $24 Million on Kraken or Coinbase and 500 BTC for the address. “139Po.”
In addition, $130 million in BTC was transferred on June 19, and $65, million on the 20th. The government has received back $20.1 million to counteract these outflows. Kraken Robinhood Bitstamp wallets have received $5.5 Million. Coinbase.
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The German government currently holds 45,264 BTC worth around $2.8 Billion. Germany is now one of the largest nation-state Bitcoin holders, behind only the United States and China. data Bitcoin Treasuries.
BTC price hovers above critical levels
Bitcoin’s price has fluctuated since these large-scale transactions began. It has fallen by approximately 6%. Bitcoins’ value fell briefly below $60,000 following the announcement from Mt. Gox Bitcoin Cash will be distributed in the amount of $9 billion starting this July.
Analysts and investors also closely monitor these government actions, as it appears that the sale continues at a slower pace. The German government’s strategic sale of Bitcoins comes at an important time for the market, as Bitcoin prices are just above crucial support levels. If the daily closing price falls below $60,000, this could trigger an even more dramatic drop in Bitcoin’s price and increase market volatility.
BTC was trading at $61,451 as of press time.
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Source: www.newsbtc.com
