German Government’s Bitcoin Sell-Off:
The German government has accelerated its Bitcoin sell-off by transferring over 16,000 BTC to various crypto exchanges and market makers on July 8. This move followed an initial transfer of 2,700 BTC earlier in the day, leading to a significant dump of 13,200 BTC.
Largest Single-Day Transfer of Bitcoin:
On-chain data revealed that German government wallets moved $155 million worth of BTC to exchanges after an earlier small dump. Subsequently, they sent an additional 8,100 BTC valued at over $463 million to crypto platforms. This massive transfer resulted in a total of 16,000 BTC being offloaded in a single day, marking the largest dump by the German government.
Impact on Bitcoin Holdings and Market:
Despite these sell-offs, the German government still holds over 23,000 BTC, reflecting a significant decrease in their Bitcoin holdings from 50,000 BTC seized earlier this year. The value of their holdings has dropped from over $3 billion to around $1.35 billion. This ongoing selling pressure, along with Mt.Gox repayments, has contributed to Bitcoin’s price decline by more than 10% in the past week.
