German Government Sells $54 Million in Bitcoin
The German government has recently sold a substantial amount of Bitcoin, valued at over $54 million.
On June 25, they transferred a total of 900 Bitcoin in three separate transactions. Coinbase and Kraken exchanges each received 200 BTC, while an unidentified wallet labeled “139Po” received 500 BTC.
Arkham Intelligence reports that this is not the first interaction between the German government and wallet “139Po.” Previous transactions included 800 BTC on June 20 and another 500 BTC on June 19.
Even after these transactions, the government’s wallet still holds over 46,000 Bitcoin, which could exert considerable selling pressure on the market and potentially drive Bitcoin’s price below $60,000.
READ MORE: Mt. Gox to Begin Bitcoin Repayments in July 2024
Concerns about the German government’s Bitcoin sales first arose on June 19, following a significant 6,500 BTC transfer worth over $425 million. Most of these transactions were directed to centralized exchanges, suggesting a likely intention to sell.
The funds in the government-labeled wallet, which has held nearly 50,000 BTC since February 2024, are believed to be seized assets from the operator of the pirated movie website Movie2k.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
