German Government Throws Away 832 More BTC, 13% of Bitcoin Assets
The German government is on an unstoppable spree of liquidating Bitcoin assets. According to the latest information from arkham Intelligence, the German government transferred a total of 832 Bitcoins worth $50 million in the last hour.
Update: In another update to the Arkham dashboard, the German government transferred an additional 361,877 BTC worth a total of $22.65 million to market Maker flow Traders.
German Government Brings Bitcoin to Top Exchanges
The German government moved a total of 282 Bitcoins out of the 832 transferred Bitcoins to the top three crypto exchanges (bitstamp, Coinbase, and Kraken). In addition, the German government sent another 550 Bitcoins to another Coinbase wallet, 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu. This development comes a day after the German government moved 400 BTC to these exchanges on Monday, July 1.
As of now, the German government holds a total of 43,859 Bitcoins. Before the German government began selling off its Bitcoins on June 18 last month, it held a total of 50,000 BTC seized from pirate movie site operators in early January.
Over the past 10 days, the German government has liquidated more than 5,000 Bitcoins, or 10% of its holdings. Despite the current sell-off, the government still holds $2.74 billion worth of Bitcoin, according to Arkham. The reasoning behind the government’s recent sell-off is still unclear.
The US government, along with the German government, sold a very small portion of its Bitcoin holdings three days ago. Although this transaction was thought to be a test transaction before the big move, we have not seen any such developments regarding the US government’s Bitcoin transfers since then.
Also Read: US Government Moves $12 Million Worth of Ethereum, Is Bitcoin-Style Sell-Off Coming?
Is BTC Reaccumulating?
With the German government selling its BTC every day, the BTC price remains under pressure and is currently trading at $62,442 with a market cap of $1.231 trillion.
According to CryptoQuant analyst Onchain Edge, the current BTC price chart matches the Wyckoff reaccumulation phase and shows a clear consolidation range from recent price action.
The key features of this pattern include the price oscillating between horizontal support at around $57,178 and resistance at around $71,587. This sideways move is indicative of the typical reaccumulation phase in the Wyckoff methodology.
Courtesy: CryptoQuant
Also Read: Bitcoin Price Drops Below $63K as Entity Transfers $114 Million BTC to Binance
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Bhushan is a FinTech enthusiast and has a good grasp of financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is a constant learner and motivates himself by sharing the knowledge he acquires. In his spare time, he reads thrillers and sometimes explores his culinary skills.
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