Bitcoin’s Market Price Stability Amid Germany’s BTC Holdings Reduction
Germany’s government recently decreased its Bitcoin holdings from over 50,000 coins to under 23,000 tokens. According to Arkham Intelligence, on Tuesday, they transferred 6,306.9 BTC valued at over $362 million to various entities, including Kraken, B2C2 Group, Cumberland DRW, and an unlabeled address likely belonging to an OTC desk. Despite the selling pressure, BTC remained steady above $57,000.
Significant Decrease in Germany’s Bitcoin Reserves
German authorities began transferring BTC to exchanges and trading venues after confiscating 50,000 tokens from Movie2k. Huge transfers amounting to $866 million occurred on Monday, with exchanges like Bitstamp, Coinbase, and Kraken returning millions in BTC to German wallets. As of now, Germany still holds approximately 22,847 BTC worth over $1.3 billion.
Notable Transactions and Return of BTC
Recent transactions by the German government involved sending substantial amounts of BTC to various platforms, totaling over $362 million. Exchanges have also returned significant sums of BTC to German wallets, with the overall value of Germany’s holdings remaining substantial at over $1.3 billion.
