A series of transactions is currently shaking the crypto market! Germany recently sold a significant amount of Bitcoin. Suspicious fund movements totaling more than $170 million were closely monitored by Arkham. The analytics firm reported that German authorities moved a considerable amount of Bitcoin to exchanges. Which suggests a potential liquidation of their BTC holdings in an already weakened market.
Massive Bitcoin sale: Germany releases $170 million!
On June 25, 2024, the wallet labeled “German Government (BKA)” sold 900 BTC in three separate transactions. The first and second transactions, each involving 200 BTC, were sent to exchanges Coinbase and Kraken, respectively. A third transaction, representing 500 BTC, was sent to a previously unknown wallet. After these transfers, the wallet in question still holds 46,359 Bitcoin! This represents over $2.8 billion and could introduce significant selling pressure that could affect the price of Bitcoin.
This new massive sale comes in a context where the price of Bitcoin is struggling to maintain its value above the psychological threshold of $60,000. Analysts fear that these additional sales will put downward pressure on the price of BTC. The latter is up +2% over the last 24 hours and stands at around $61,540.
Should the crypto market fear the worst?
Despite the sale by the German government, some companies remain optimistic. For example, MicroStrategy recently purchased $786 million worth of Bitcoin, expanding its significant holdings. This acquisition follows a fundraising of $800 million through convertible senior notes.
The funds sold by Germany come from the seizure of the operators of the movie piracy site Movie2k.to, last active in 2013. The suspects voluntarily handed over the funds to the German Federal Criminal Police Office (BKA ) in January.
The crypto market continues to navigate uncertain waters. The German government's actions highlight the significant impact that decisions by state actors can have on the market. Market investors remain vigilant, anticipating the potential repercussions of these sales in the short and medium term.
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