Germany’s government has transmitted over 900 Bitcoins in two distinct transactions, resulting in the disposal of a significant amount of Bitcoin.
The government’s substantial action has sparked speculation and interest in the crypto market, as whale activity has recently increased significantly.
Arkham, a blockchain surveillance service, reported that the German government distributed the 400 BTC transfer between Coinbase and Kraken by depositing 200 BTC to Kraken and Coinbase, respectively. The transfer’s total value was $24.34 million. It subsequently transferred 500 Bitcoins, valued at $30.42 million, to the address 139Po…bVu. The specifics of the receiver address are currently unknown.
This transfer is a continuation of the deposit of nearly 1,700 Bitcoins valued at $110 million into the Kraken, Coinbase, and Bitstamp exchanges last week.
Germany’s Bitcoin holdings have experienced substantial growth in value, which amounts to $2.82 billion, including $1.1 billion in unrealized profit, according to recent data. In addition to the substantial outflows from spot Bitcoin ETFs and other market factors, the German government’s enormous sell-off may have contributed to the selling pressure that has caused Bitcoin to fall below $60,000.
Bitcoin has experienced a recent decline and is presently trading at $61,276, as of this writing. The decline occurs amid $174.5 million in outflows from Bitcoin ETFs on June 24.
Nevertheless, despite the sell-offs, other significant investors are purchasing during the price declines. Saylor’s Microstrategy acquired an additional 11,931 Bitcoin on June 20, utilizing the proceeds from $800 million in convertible notes. This transaction underscores the divergent approaches and varying levels of confidence in the cryptocurrency industry.
The prevailing market uncertainty, which is a result of the BTC ETF outflows and Mt. Gox’s settlement, is a cause for concern. Despite the adverse sentiment surrounding Bitcoin’s price, numerous traders and institutions are of the opinion that the cryptocurrency will soon regain momentum and surpass the $100,000 threshold by the conclusion of 2024.
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