According to a recent report from Arkham Intelligence, at 6:45 PM on July 10, 2024, the German government’s wallet address transferred 2,000 BTC, worth $117.3 million, to exchanges Kraken, Coinbase, and OTC firm 139Po.
The German Government lost its “Bitcoin billionaire” status today.
In the past hour, they have sent another 2000 BTC ($117.3M) to Coinbase, Kraken and 139Po.
They now have 13,360 BTC ($784.96M) remaining – that’s 26.8% of the Bitcoin originally seized from Movie2k. pic.twitter.com/ZbA2wuzQhi
— Arkham (@ArkhamIntel) July 10, 2024
With this latest movement, the German government wallet has shifted a total of 10,853.5 BTC, valued at over $630 million, today alone. Most of this Bitcoin has been sent directly to exchanges (Kraken, Coinbase) for sale or to market makers (Cumberland, Flow Traders) for OTC liquidation.
This distribution of 10,853.5 BTC follows the transfer of $900 million worth of Bitcoin on July 8, 2024, marking the most significant BTC transfer to exchanges since the Berlin government began selling Bitcoin at the end of June.
UPDATE: The German Government just sent another 3000 BTC ($176.26M) to Flow Traders.
Total moved today: 8853.5 BTC ($520.17M).
The German Government currently holds 15,110 BTC ($883.7M).
They now hold less than $1B of the Bitcoin originally seized from Movie2k. pic.twitter.com/Fnv6nlZTv4
— Arkham (@ArkhamIntel) July 10, 2024
Notably, the broader cryptocurrency market appears largely unaffected by this significant Bitcoin movement. The largest cryptocurrency by market cap remains trading above $57,000 over the past 24 hours.
The minimal price volatility suggests that the market is becoming accustomed to Bitcoin movements by the German and US governments and potential sales by Mt. Gox creditors. Additionally, Bitcoin spot ETFs are seeing solid inflows again, signaling the potential for a market reversal.
Two weeks ago, such information would have been considered negative news, causing extreme fear among investors and pushing the Fear & Greed Index down to levels seen when Bitcoin was at $17,000 in early 2023.
The German government’s wallet currently holds 13,110 BTC (worth approximately $767.42 million), down over 70% from nearly 50,000 BTC in June. Globally, governments still have $17.8 billion in Bitcoin.
While the German government’s Bitcoin sales have drawn significant attention, not everyone in the administration supports the liquidation decision. Joana Cotar, a member of the German Bundestag, has called for a halt to Bitcoin sales, advocating instead for a comprehensive Bitcoin strategy, including using Bitcoin as a national reserve asset.
Related news: German MP Urges Government Halt to Rapid Bitcoin Sell-Off
