The German government has actively transferred substantial Bitcoin amounts to cryptocurrency exchanges. Recent transactions totaling more than $55.8 million have been recorded, with significant sales conducted within the last hour.
Crypto analytics firm Arkham reported these movements. The German authorities sent 500 Bitcoin valued at approximately $27.9 million to Bitstamp and Coinbase. Additionally, another 500 Bitcoins were sent to an unmarked address. This address is suspected to be an institutional or an over-the-counter (OTC) service deposit address.
According to the latest data, these moves have notably impacted Bitcoin’s market value. Previously, the German government’s actions contributed to a drop in Bitcoin prices to below $55,000. However, the market has stabilized somewhat, with Bitcoin’s price recently recovering to around $57,590.
Arkham’s dashboard shows that the German government’s holdings are primarily from assets seized during criminal investigations. With the current holdings valued at over $2.17 billion, the government still possesses a significant amount of Bitcoin despite recent sales.
Over the past several weeks, the German government has moved a net total of 11,033 Bitcoin, averaging a transaction value of $60,669 per Bitcoin. These transactions are part of a broader strategy to manage their cryptocurrency assets effectively.
The crypto community has kept a keen eye on these transactions, given their potential to sway market dynamics. Last Friday, the German government transferred Bitcoin worth $57.2 million to Flow Traders, with additional funds directed towards other institutional services.
Bitcoin Traders Face Record Losses: Is It Time to Buy and Hold?This week, the German government moved over $200 million worth of Bitcoin to various external addresses. Such large-scale transactions have led to significant fluctuations in the cryptocurrency market.
Bitcoin has experienced a slight decrease in value over the last day, with its price currently at $57,146, marking a 0.55% drop. Despite the daily decline, the cryptocurrency saw significant volatility, illustrated by its price movements from a low near $55,000 to a peak just below $58,000. The market capitalization also saw a minor decrease of 0.56%, valued at approximately $1.126 trillion.
