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The German Government Transferred Another 2,375 Bitcoins in ongoing Selling Spree

Daily as routine, the German government wallet persists in transferring Bitcoin to CEX exchange wallets, OTC institutional wallets, and various private wallets.
German Government ongoing Selling Spree bitcoin

On the afternoon of July 11, the German government’s wallet transferred 2,375 BTC worth approximately $138 million to various exchange wallets (CEX), OTC desks, and other private wallets.

Around 8:00 am on July 11, German authorities sent 375 BTC each to three centralized exchanges: Bitstamp, Kraken, and Coinbase. This totaled 1,125 BTC worth $65.5 million.

They also transferred 1,000 BTC valued at $58.2 million to an address labeled by Arkham as belonging to the B2C2 Group. Additionally, 250 BTC, approximately $14.6 million, was sent to a wallet associated with an OTC entity.

Observers note that within about 12 hours of such transfers, a certain amount of coins are returned to the government’s wallet. Experts suggest these are BTC that organizations didn’t sell according to agreements with the German government, hence returned.

For instance, after transferring $630 million worth of Bitcoin yesterday evening on July 10, they received back 2,422 BTC by the same night, equivalent to about $142 million.

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

After several large movements, the German authorities’ wallet holds approximately 13,177 BTC, valued at about $767.3 million. Given the current selling intensity, these assets may be distributed within less than a week.

German government Bitcoin wallet balance on July 11, 2024. (Source: Arkham)


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