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Bitcoin Holds Steady at $57,000 Despite Germany Moving Over $600 Million in BTC

The German government moved a total of 10,853 BTC worth over $630 million on July 10, yet the crypto market showed negligible price fluctuations.
Germany moving more than $600 million in BTC

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.

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.

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.

1h chart of the BTC/USDT pair on Binance at 07:50 PM on July 10, 2024

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


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