Yesterday, the German Government took active measures in managing its holdings, which had an impact on the market. Recently, they transferred 900 BTC, equivalent to about $54.76 million, with a portion going to major trading platforms Coinbase and Kraken. This is part of a larger strategy that involved the net transfer of 3,500 BTC, worth approximately $225 million, over the past week.
Just 18 hours ago, the German Government moved an additional 900 BTC ($54.76M), with 400 BTC ($24.34M) going to Coinbase and Kraken.
In total, over the past 7 days, the German government has transferred a net amount of 3,500 BTC ($225M), mostly to CEX, at an average price of…
The German Government’s involvement in the cryptocurrency market can be traced back to the seizure of 49,857 BTC in January 2024. These assets, valued at $2.14 billion at the time, were confiscated from the operator of the illicit streaming site Movie2k. The government still holds 46,359 BTC, estimated to be worth nearly $2.88 billion.
The movement of Bitcoin by the German government has coincided with a noticeable 5.18% drop in Bitcoin prices over the last seven days. Analysts believe that these government transactions, along with other market news such as the upcoming Mt. Gox repayments in July, could contribute to increased market volatility and the observed price dip.
The cryptocurrency community is closely monitoring the German Government’s offloading of its Bitcoin reserves. These transactions have significant volume and potential impact on market liquidity and price stability. The handling of these assets is expected to continue influencing Bitcoin’s market position, attracting attention from investors and analysts.
The government’s strategy and implications for the broader cryptocurrency market highlight the intricate relationship between large-scale asset holders and general market trends. As these developments unfold, they will undoubtedly be a critical focal point for anyone involved in the crypto industry.
