According to cryptocurrency analytics firm Arkham, the German government is close to liquidating its entire Bitcoin holdings, having sent about $286 million worth of Bitcoin to exchanges like Kraken and Coinbase today.
The state of Saxony now holds only one-tenth of the Bitcoins confiscated from the Movie2k piracy website operator in early 2024.
The selling spree is expected to conclude this week, easing bearish market pressure. Since early June, the government has transferred around $615 million worth of Bitcoin, heavily influencing the market’s selling pressure.
Blockstream CEO Adam Back noted that Bitcoin ETF buyers have helped stabilize the market, with $147 million in fresh investments recorded on Wednesday.
Juan Leon of Bitwise Invest highlighted that Bitcoin ETFs have become the fastest-growing ETF category ever, with significant purchases since their January launch.
The German government wallet received 2,442 bitcoins, including 903 from Kraken, 1,529 from unlabeled addresses, and 10 from Bitstamp on the 11th of July 2024.
This follows an outflow of over 10,853 bitcoins the previous day, speculated to be unsold as part of a sale agreement.
The transactions align with the government’s plan to sell 50,000 bitcoins seized from the Movie2K piracy site. Joana Cotar, a Bundestag member, criticized the hasty sale without a comprehensive strategy. Bitcoin’s price has dropped nearly 2%, according to CoinMarketCap.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
