In an ongoing effort to liquidate its large Bitcoin holdings, the German government has once again engaged in significant transactions involving BTC, according to data from blockchain analytics platform Arkham Intel. This morning, the Federal Criminal Police Office (BKA) carried out nine operations involving a total of approximately 2,786 BTC.
The German Government Continues Its Bitcoin Sale
Arkham Intel data shows that four of them are internal transfers while five sales were direct transfers to crypto exchanges and market makers, which suggests a selling intention. Five possible auctions amount to 1,095.339 BTC worth about $67 million. Specifically, BKA made two 125 BTC transfers, each worth approximately $7.7 million, to the well-known crypto exchanges Bitstamp and Kraken.
Additional work involved a 0.001 BTC minute test transfer to Flow Traders, a leading market maker. This small transaction was immediately followed by a large transfer of 345.338 BTC to the same company, which strongly suggests the preparation of a large sell order.
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Another notable transfer of 500 BTC was directed to a mysterious address marked “139Po.” The address has seen previous activity linked to the German government but remains shrouded in mystery, thought to be another selling point.
These activities are part of a broader trend that has been observed since last week. With one day to go, on June 25, the government dumped 400 Bitcoins worth $24 million on Kraken and Coinbase, and 500 BTC to talk about “139Po.”
This is in addition to the significant movement at the beginning of last week: BTC of 130 million dollars was transferred to the exchange on June 19 and 65 million dollars on June 20. Against this outflow, the government received 20.1 million dollars from Kraken and 1 million dollars from -5,5 from Robinhood related wallets. , Bitstamp, and Coinbase.
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Currently, the funds of the German government amount to 45,264 BTC, which is approximately $ 2.8 billion. This makes Germany one of the top holders of Bitcoin, behind only the United States, China, and the United Kingdom, which hold 213,246 BTC, 190,000 BTC, and 61,000 BTC respectively, according to data from Bitcoin Treasuries.
BTC Price Hangs Above Key Level
The pattern of large-scale dumping by the German government has influenced the volatility of the Bitcoin market price, which has fallen by about 6% since the start of this transaction. The price of Bitcoin briefly fell below the $60,000 threshold following an announcement from Mt. Gox about issuing an estimated $9 billion worth of Bitcoin and Bitcoin Cash since July.
Market analysts and investors are also closely watching these government actions as sales seem to be continuing at a slower pace. This strategic termination by the German government is reaching a critical level of market sentiment, with Bitcoin prices rising above key support levels. If the daily trading price closes below the $60,000 threshold, it may cause a more pronounced decline in the price of Bitcoin, fueling market volatility and uncertainty.
At press time, BTC traded at $61,451.
The featured image was created with DALL·E, a chart from TradingView.com
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