Breaking: German Government Sells 832 BTC, Reducing Bitcoin Holdings by 13%

Since the German government began selling Bitcoin on June 18, it has divested over 10% of its total holdings.
By Bhushan Akolkar
Updated November 6, 2024
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Highlights

  • The German government moved a total of 282 Bitcoins to Bitstamp, Coinbase, and Kraken.
  • Since June 18, the German government has liquidated over 5,000 Bitcoins, or 10% of its holdings.
  • The Bitcoin price chart indicates a Wyckoff re-accumulation phase amid recent consolidation.

The German government continues its relentless liquidation of Bitcoin holdings. According to the latest data from Arkham Intelligence, the government has transferred a total of 832 Bitcoins, worth $50 million, in the last hour.

In an additional update from the Arkham dashboard, the government has also transferred another 361.877 BTC to market maker Flow Traders, valued at $22.65 million.

German Government Moves Bitcoins to Top Exchanges

Out of the 832 Bitcoins transferred, the German government moved a total of 282 Bitcoins to the top three crypto exchanges  – Bitstamp, Coinbase, and Kraken. In addition to this, the German government has also sent an additional 550 Bitcoins to 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu, which is supposedly another Coinbase wallet. This development comes a day after the German govt. moved 400 BTC to these exchanges on Monday, July 1.

As of now, the German government holds a total of 43,859 Bitcoins. Before the German government started divesting its Bitcoins last month on June 18, it was holding a total of 50,000 BTC seized from the pirated movie site operators in early January.

Collecting over the last 10 days, the German government has liquidated more than 5,000 Bitcoins or 10% of its holdings. Despite the current sell-off, the government still holds $2.74 billion worth of Bitcoins as per Arkham. The motive behind the recent sell-off by the government is still not clear.

Along with the German government, the US government also sold a very small part of its Bitcoin holdings three days before. Although this transaction was speculated to be a test transaction before the major move, we have not seen any such development regarding Bitcoin transfers by the US govt. thereafter.

Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?

BTC In Reaccumulation?

While the German government is selling its BTC every day, the BTC price continues to be under pressure and is currently trading at $62,442 with a market cap of $1.231 trillion.

According to CryptoQuant analyst Onchain Edge, the current BTC price chart matches the Wyckoff reaccumulation phase, showcasing a clear consolidation range from recent price movements.

The key features of this pattern include the price oscillating between horizontal support at approximately $57,178 and resistance around $71,587. This sideways movement is indicative of the typical reaccumulation phase in the Wyckoff methodology.

Courtesy: CryptoQuant

Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance

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Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
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