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The German government has continued its ongoing sell-off of Bitcoin (BTC) assets as 832.7 BTC worth approximately $52 million were transferred out of its account a few hours ago. According to Lookonchain, this is the latest in a series of outward 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 the government will be sending some of its BTC to centralized trading platforms in what can be coded an outright sell-off.
Gamza KhanzadaevBitcoin started Tuesday’s trading session with a positive twist; however, the news of the German sell-off derailed this growth path. At the time of writing, Bitcoin is changing hands for $62,636.82, down by about 0.2% in 24 hours. Over two weeks, the German authorities have sent about 3,000 BTC to centralized exchanges (CEXes).
With the sell-off thus far, Germany now boasts of a total of 43,859 BTC in its wallets, a total of which comes in at a value of $2.74 billion. This Bitcoin holding that the government has started selling off comes with no risk, as it was confiscated from crypto crime rings.
The move by the German authorities mirrors that of the United States government. Over the past week, the government has moved about $240 million in cryptocurrencies to Coinbase exchange. With the movement of funds to exchanges denoting sell-offs, the actions of these governments have not helped market stability in recent times.
Alex DovbnyaIf these sell-offs persist, it might impact further the market sentiment surrounding Bitcoin. While this may be countered by the latest bouts of inflows into spot Bitcoin ETFs, a healthy market with sustained growth might be hard to come by if retail investors continue to bear the burden of erratic government sell-offs.
Denys Serhiichuk
Vladislav Sopov
Dan Burgin