Buy $GGsBreaking: Germany Govt Begins Another Huge Bitcoin Selloff, But There’s A Catch
Highlights
- German government continued its Bitcoin selling spree on Tuesday.
- German Govt dumped Bitcoin worth $177.54 million, and adds Bitcoin worth $96.88 million in an hour.
- Bitcoin price remains strong despite selloff due to buying in the United States, primarily by institutions.
Germany govt continued its Bitcoin selling spree on Tuesday as it sent 3100 BTC to Kraken and unknown wallet addresses. Germany’s federal investigative police agency has sold hundreds of millions in BTC since June start, with selling becoming more aggressive in July to cause a panic in the crypto market.
Germany Transfers 3100 BTC
According to blockchain data from Arkham Intelligence, the Federal Criminal Police Office of Germany (BKA) transferred 400 BTC to crypto exchange Kraken on July 9. The wallet address also moved 2.5k BTC worth to a B2C2 Group linked wallet address 139PoP and 200 BTC to bc1qu3. German Govt dumped Bitcoin worth $177.54 million in an hour.
It follows BTC moving into the German govt wallet from crypto exchange Bitstamp, raising questions on massive selloff by the government. Bitcoin worth $96.88 million moved back into the wallet linked to German govt. The wallet still holds Bitcoin valued at $1.48 billion.
On Monday, CoinGape reported that German Government (BKA) moved over 5000 BTC to crypto exchanges such as Coinbase, Bitstamp, Kraken and other wallet addresses starting with 139PoP and bc1qu3. Also, the government bagged 3673 BTC after the massive liquidation.
Also Read: German Govt Bags 3673 Bitcoin After Massive Dump, What’s Happening?
Traders In Limbo Over Bitcoin Selloff
The transfers by the German government caused outrage in the crypto community as Bitcoin slipped nearly 10% to a low of $53,000. Joana Cotar, a German Parliament member, called on the government to stop the ongoing Bitcoin selloff and hold it as a reserve asset.
Bitcoin continues to gain strength despite selloff due to buying by spot Bitcoin ETFs. BTC price currently trades more than 2% higher at $57,672. It hit a 24-hour high of $58,131 as Mt. Gox repayment fears subsided and odds of Fed rate cuts in September surged.
Derivatives market data shows massive buying as BTC futures open interest across exchanges soared 2.60% in the last 24 hours. Buying is recorded on CME and Kraken, which implies higher demand in the US.
Also Read: Spot Bitcoin ETFs Inflow At 3-Week High, Institutions Buying Heavily Ahead Key Events
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