The German government continued its ongoing sale of Bitcoin (BTC) assets as 832.7 BTC worth approximately $52 million was transferred from its account a few hours ago. According For Lookonchain, this is the latest in a series of outgoing transfers that saw a total of 282.7 BTC worth approximately $17.65 million sent specifically to Bitstamp, Coinbase, and Kraken.
The month of July came with a different push from the German government regarding its Bitcoin portfolio. This will not be the first time that the government sends part of its BTC to centralized trading platforms in what could be defined as a massive sell-off.
Gamza KhanzadaevBitcoin began Tuesday’s session took a positive turn, but the news of the German liquidation derailed this growth path. At the time of writing, Bitcoin is trading at $62,636.82, down around 0.2% in 24 hours. In two weeks, German authorities have sent around 3,000 BTC to centralized exchanges (CEX).
With the sell-off so far, Germany now has a total of 43,859 BTC in its wallets, a total of which amounts to a value of $2.74 billion. This Bitcoin holding that the government has started selling does not carry any risk, as it was confiscated from cryptocurrency-related crime networks.
The German authorities’ move mirrors that of the US government. Over the past week, the government has moved Approximately $240 million worth of cryptocurrencies have been allocated to the Coinbase exchange. With the movement of funds to exchanges denoting sales, the actions of these governments have not helped market stability in recent times.
Alex DovbnyaIf these sell-offs persist, they could further impact market sentiment around Bitcoin. While this may be countered by recent bouts of capital inflows into Bitcoin Spot ETFA healthy market with sustained growth could prove difficult to achieve if retail investors continue to bear the brunt of erratic government selling.
