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The German government's sale of 900 Bitcoin, worth over $54 million, could drive Bitcoin prices below the critical $60,000 mark, as substantial selling pressure looms.
German Government Sells $54 Million in Bitcoin, Transactions Include Unknown Wallet '139Po'
A cryptocurrency wallet designated "German Government (BKA)" has sold Bitcoin valued at more than $54 million, per Cointelegraph.
On June 25, 900 Bitcoin were sold in three separate transactions through the German government's mailbox. The initial 200 BTC transaction was transmitted to the Coinbase exchange, while the subsequent 200 BTC transfer was transmitted to the Kraken exchange.
Nevertheless, according to on-chain intelligence provider Arkham Intelligence, a third transaction, valued at 500 BTC or more than $30 million, was sent to wallet "139Po," which is still unknown.
Although the wallet "139Po" remains mysterious, the German government has previously engaged with it. The German government sent 800 BTC to the address on June 20 and another 500 BTC on June 19, only six days ago.
Arkham Intelligence reports that the wallet contains 46,359 Bitcoin following today's transfers.
Government's $2.8 Billion Bitcoin Holdings May Trigger Price Drop Below $60,000 Amid Market Decline
The government-labeled container contains more than $2.8 billion in BTC. It has the potential to generate substantial selling pressure, which could lower the price of Bitcoin below the critical $60,000 psychological threshold.
According to Bitstamp data, the Bitcoin price has been on a downward trajectory, with a monthly decline of 11% and a weekly decline of over 7%. As of 9:40 am UTC, it was trading just above $61,000.
According to the technical chart patterns of renowned analyst Willy Woo, Bitcoin may undergo a correction that lasts up to four weeks before its price rally resumes.
In a June 22 X post to his over 1.1 million followers, the analyst stated:
“Eyeballing this model... probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”
German Government's 6,500 BTC Transfer Spurs Sale Speculations, Adding to Potential July Market Pressure
On June 19, the German government-labeled mailbox initiated suspicions of potential Bitcoin selling by executing a 6,500 BTC transfer valued at over $425 million.
In addition to being transferred to untagged wallets, most Bitcoin is transmitted to centralized exchanges, which suggests that the government may be interested in selling it.
Before the transfer, the wallet had roughly 50,000 BTC since February 2024. The funds are suspected to have been confiscated from the proprietor of the pirated movie website Movie2k.
Nevertheless, the collapsed cryptocurrency exchange Mt. Gox's announcement that it will commence repaying its defunct users may result in additional Bitcoin selling pressure in July.
Approximately 127,000 Mt. Gox creditors are obligated over $9.4 billion in Bitcoin and have been awaiting their funds for over a decade. This has the potential to generate substantial selling pressure for Bitcoin.
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