Bitcoin Drops As German Govt Offloads Over 5K BTC, Still Holds $1.85B
Highlights
- German government started making transfers to crypto market maker Cumberland DRW.
- Germany extended today's Bitcoin selling spree to over 5000 BTC.
- Bitcoin price fall below $57,000 losing upside momentum.
German government dumps BTC to crypto market maker Cumberland DRW and Flow Traders, crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This extended today’s Bitcoin selling spree to over 5000 BTC. The selling by Germany’s government became one of the factors for BTC price dropping to $53k and further drop will continue to maintain a panic in the crypto market.
Germany Govt Moves Over 5000 BTC
According to on-chain data platform Arkham, the German government transferred 133.723 BTC worth nearly $7.63 million to crypto market maker Cumberland DRW on July 8. Germany’s government made two transfers to Cumberland, with an initial transfer of 0.001, likely a test transfer to follow with large transfers in the future.
The wallet address linked to the German Government (BKA) has dumped and transferred over 5000 BTC to crypto exchanges such as Coinbase, Bitstamp, Kraken and other wallet addresses starting with 139PoP and bc1qu3.
The government still has 32,488 BTC worth an estimated $1.855 billion. These dumps by the wallet address triggered a panic selloff among investors, creating a bearish sentiment. The recent transfer is part of a larger trend and hinted at further selloffs to Cumberland DRW in the coming days.
Since June 19, the German government has moved over 10,000 BTC valued at approximately valued at more than $1 billion (from $3.32 to $1.855 billion).
Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600
Bitcoin Drops Below $57,000
BTC price recovered 5% from the 24-hour low of 54,321. However, price dropped as Germany government sent BTC to crypto market makers and crypto exchanges. Bitcoin price currently trades at $56,972 after hitting an intraday high of 58,178.
Furthermore, the trading volume has increased further by 58% in the last 24 hours, indicating a rise in interest among traders. Traders must keep an eye on the $58Kk-$60k range because sellers will defend this zone.
Also Read: Bitcoin MVRV Turns Negative First Time Since March 2023, End of Bull Run Soon?
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