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