The German government, known as the Bundeskrimanalamt (BKA), has been actively selling off Bitcoin, transferring 6,306 BTC in its ongoing liquidation strategy. This move has sparked discussions about the impact on the cryptocurrency’s price.
German Government Selling Bitcoin
Despite concerns raised by Joana Cotar, a member of the German parliament, about the government’s strategy on Bitcoin, they are persisting in offloading BTC from their holdings.
Arkham, a reputed intelligence platform, reported that the German government moved 6,306 BTC, valued at $362 million, to various addresses including bc1qu, Cumberland, 139Po, and Kraken. Approximately 3206.9 BTC were transferred within just 20 minutes.
Recently, the German Government sent 6306.9 BTC ($362.12M) to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service), and address bc1qu. Out of this, 3206.9 BTC ($184.58M) was sent within the past 20 minutes.
Following significant transactions yesterday, the German government received back 5,366 BTC from exchanges like Coinbase, Bitstamp, and Kraken as per Arkham.
In another notable move on Monday, authorities sent over 5,200 BTC to centralized exchanges like Kraken, Bitstamp, and Coinbase, and a wallet address 139Po, shortly after reporting the transactions on X (formerly Twitter).
Despite the sizable Bitcoin transfers, Arkham data indicates that the German government still holds 22,847 BTC, equivalent to $1.32 billion, a significant reduction from the initial holdings.
These large-scale transactions have caused a stir in the crypto community, with the market experiencing a 16% decline in Bitcoin’s value last week due to the consistent sell-offs.
Major Institutions Investing in Bitcoin
While the German government’s selling spree may have impacted Bitcoin’s price, major institutions like VanEck seized the opportunity to buy the dip.
Matthew Sigel, head of digital asset research at VanEck, disclosed the firm’s decision to purchase more Bitcoin despite the recent price drop. The company acquired Bitcoin in its multi-asset portfolios on Monday, expressing confidence in the digital asset as a valuable investment component.
