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The German government sold 5,800 Bitcoins on Wednesday, reducing its holdings to 15,100 Bitcoins. Despite the sell-off, Bitcoin's price holds steady at $58,700.
Germany's Aggressive Bitcoin Liquidation
The German government's enormous Bitcoin selling binge has persisted well into July 10. According to statistics provided by Arkham Intelligence, the German government has recently transferred almost 8,853 Bitcoins. With this, Germany's Bitcoin holdings have increased to 15,110 Bitcoins, which is currently worth $887 million.
Earlier today, the German government began selling off a significant portion of its Bitcoin assets, transferring them across several accounts and cryptocurrency exchanges. The German government sent 1,250 BTC to Coinbase and Kraken, according to data from Arkham Intelligence.
Flow Traders received 4,127.281 BTC shortly after, while the government sent 2,000 BTC to the 139PoP…H7ybVu address associated with the suspected B2C2 Group. Cumberland DRW also received 536.108 BTC. Additionally, 690 BTC was sent to the unmarked address bc1qu3…guzr4j according to the on-chain data.
Germany's Bitcoin Holdings at 15,100 BTC
Coingape reports that the German government, which appears to be in a rush to reduce its Bitcoin holdings, made one of the largest single-day transactions today.
From its holdings in mid-June, the government has sold off a whopping 35,000 Bitcoins in just the previous 20 days. The Bitcoin price has also fallen sharply as a result of this enormous selling frenzy, hitting a four-month low on Monday, July 8.
Bitcoin Price Stays Stable Amid Sell-Off
The price of Bitcoin has remained stable after today's selling by the German government; it is now trading at $58,542, up 1.49%, with a market size of $1.1154 trillion.
While it's true that large-scale sales and asset transfers to exchanges can reduce enthusiasm, some feel the price cut went too far. More money is flowing into spot Bitcoin exchange-traded funds, which supports this view.
Spot Bitcoin ETFs saw $645 million in inflows over the past three trading days, with IBIT, run by BlackRock, taking the lead. The German government's selling pressure has been mostly absorbed by institutions, which have been picking up their game once again.
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