German Government Wallet Sells $52 Million in Bitcoin
A cryptocurrency wallet labeled "German Government (BKA)" has sold $52 million worth of Bitcoin, fueling speculation about the government offloading its BTC holdings.
On July 2, the wallet transferred 832.7 Bitcoin in four transactions: 100 BTC to Coinbase, 150 BTC to Bitstamp, 32.74 BTC to Kraken, and 550 BTC (worth over $32 million) to an unknown wallet “139Po,” which has previously received government funds.
The BKA-labeled wallet holds over 43,850 BTC ($2.75 billion) and could impact Bitcoin’s price due to potential selling pressure.
Bitcoin’s price has been in a downtrend since early June, falling over 7.3% in the past month. It has significant support at the $61,500 mark, but a drop below this level could trigger substantial liquidations.
READ MORE: Metaplanet Increases Bitcoin Holdings with $1.24 Million Investment
The transfers to centralized exchanges suggest that the German government might be preparing to sell its Bitcoin. The wallet first raised suspicions of potential selling on June 19 with a 6,500 BTC transfer worth $425 million.
It had held nearly 50,000 BTC since February 2024, believed to be seized from the pirate movie website operator 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.
