EddieJayonCrypto
11 Jul 24
The German government intensified its sell-off of Bitcoin, disposing of 1125 BTC through exchanges such as Coinbase, Kraken, and Bitstamp. This strategic move follows previous sales aimed at liquidating substantial BTC holdings seized from a movie piracy website. The transactions impacted Germany’s ...
The German government has escalated its sell-off of Bitcoin, disposing of 1125 BTC through exchanges like Coinbase, Kraken, and Bitstamp. This strategic move follows earlier sales aimed at liquidating substantial BTC holdings seized from a movie piracy website. Germany’s BTC reserves now stand at 13,177 BTC, a significant decline from the reported 50,000 BTC holdings in June 2024. These sell-offs exerted downward pressure on Bitcoin price, but the impact has since waned, with BTC price remaining steady despite the substantial offloading. This intensified sell-off comes amidst a series of strategic sales aimed at liquidating part of Germany's substantial BTC holdings. The German government offloaded 375 BTC to Coinbase, Kraken, and Bitstamp, and simultaneously transferred another 1250 BTC to various addresses. These transactions have profoundly impacted Germany’s BTC reserves, marking a substantial decline from the reported 50,000 BTC holdings as of June 18, 2024. However, the BTC price showed resilience and remained stable at $57,000. On July 10, the German government's wallet transferred a significant amount of BTC, including 1,250 BTC to crypto exchanges such as Kraken and Coinbase, further impacting BTC reserves. Despite the substantial sell-offs exerting notable downward pressure on Bitcoin price earlier in the week, the impact has waned, and Bitcoin bulls are expected to have taken charge as the market sentiment remained unchanged despite the recent offloading. The influx of institutional investments into Spot Bitcoin ETFs and upcoming Ethereum ETFs are poised to further boost market recovery.