The massive Bitcoin selling spree by the German government has continued further moving into July 10. Just within the last hour, nearly 8,853 Bitcoins have moved out of the German government’s wallets as per data by Arkham Intelligence. This has taken Germany’s Bitcoin holdings to 15,110 Bitcoins, now valued at $887 million.
Earlier today, the German government started selling its Bitcoin holdings in large numbers moving it across crypto exchanges and other wallets. As per the data from Arkham Intelligence, the German government moved a massive 1,250 BTC to popular crypto exchanges Kraken and Coinbase.
Soon after, the government also moved a total of 536.108 BTC to Cumberland DRW, 4,127.281 BTC to Flow Traders, 2,000 BTC to the suspected B2C2 Group at address 139PoP…H7ybVu. Besides, the on-chain data also shows a transfer of 690 BTC to the unmarked address bc1qu3…guzr4j.
Today marks one of the biggest single-day transfers made by the German government which seems to be in a hurry to trim its Bitcoin holdings. In just the last 20 days, the government has sold off a massive 35,000 Bitcoins from its holdings in mid-June. This massive selling spree has also led to strong selling in the Bitcoin price which tanked to a four-month low earlier this week on Monday, July 8.
Also read: Germany Govt Begins Another Huge Bitcoin Selloff, But There’s A Catch
After today’s selling by the German government, the Bitcoin price has managed to hold firm and is currently trading 1.49% up at $58,542 and a market cap of $1.1154 trillion.
Certainly, significant sales and asset movements to exchanges can dampen sentiment, but some argue that the price drop was excessive. This sentiment is bolstered by increased inflows into spot Bitcoin ETFs. In the last three trading days, the spot Bitcoin ETFs recorded $645 million in total inflows with BlackRock’s IBIT leading the pack. This shows that institutions have been stepping up the game once again absorbing most of the selling pressure coming from the German government.
Last week, Tron founder Justin Sun made a bold offer to buy all of the German government’s BTC holdings in an OTC desk, just to avoid the market selling pressure. Well, if the German government continues with its Bitcoin sales at this pace, it can probably empty its Bitcoin stash by the start of August next month.
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