YEREVAN (CoinChapter.com) — The German government is ramping up its Bitcoin sell-off as it prepares to offload an additional $342 million worth of BTC.
The wallet labeled “German Government (BKA)” on Arkham Intelligence recently loaded 6,000 more Bitcoin, worth $354 million. Consequently, this preparation for the next round of BTC sell-offs has created a buzz in the market. Moreover, 5,853.409 Bitcoin has already been sent to various addresses associated with exchanges like Coinbase, Kraken, and Flow Traders, along with other unidentified or unconfirmed addresses.
Significant BTC Sell-off: German Gov’t Wallet Drops $400M in Bitcoin
On July 9, the same address offloaded 3,100 BTC worth $178 million. Additionally, they withdrew 1,700 BTC worth $91.78 million from Bitstamp, suggesting challenges in offloading them on the exchange.
As of July 10, the wallet’s current holdings stand at approximately 18,110 BTC, valued at $1.06 billion. This marks a significant reduction from the previous holdings of around 26,000 BTC worth roughly $1.5 billion on July 9. The drop of over $400 million in value since then underscores the impact of these sell-offs on the wallet’s Bitcoin reserves.
Market Awaits Impact as German Gov’t Offloads Bitcoin Amid Price Fluctuations
The exact reasons behind this significant sell-off remain a subject of interest and scrutiny among market participants. The German government’s continued Bitcoin distribution is expected to trigger market reactions. The strategic offloading of BTC in phases aims to manage market volatility and minimize the impact on Bitcoin’s price.
Notably, the current Bitcoin price stands at $58,612.79, with a market cap of approximately $1,155,832,902,694. Additionally, despite a 2.04% increase in the last 24 hours, trading volume has decreased by 16.42%, indicating market fluctuations. Overall, the circulating supply of Bitcoin is 19,719,806 BTC, with a total supply of 19,719,803 BTC. The maximum supply is capped at 21,000,000 BTC.
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