The German government made waves in the cryptocurrency world recently with a massive sell-off of over 16,000 Bitcoin in a single day. This move, worth more than $900 million, marks the largest single-day sell-off by the government to date.
The transactions saw Bitcoin being distributed to various crypto exchanges and market makers, including Bitstamp, Kraken, Coinbase, Flow Traders, and Cumberland DRW. Among the largest transfers, 3,500 BTC were sent to Flow Traders, while Bitstamp, Kraken, and Coinbase received 1,400 BTC, 900 BTC, and 900 BTC, respectively.
Interestingly, a significant amount of Bitcoin was transferred to an unknown wallet labeled “139Po,” which had previously received substantial amounts from the German government in recent days.
Since June, the German government has been gradually offloading its Bitcoin holdings, reducing them from 50,000 BTC to 27,461 BTC, currently valued at $1.57 billion. This selling pressure, combined with the Mt. Gox repayments in Bitcoin and Bitcoin Cash, has impacted Bitcoin’s price, which dropped to $54,278 on the day of the transactions but has since rebounded to $57,289.
Despite these selling pressures, the market remains optimistic for a potential rebound in Bitcoin prices as these immediate influences subside. Stay tuned for more updates on this developing story.
