The German government continued to move some of its massive Bitcoin holdings to exchanges on Monday, transferring more than $56 million in value in multiple transactions.
according to Blockchain DataAddresses associated with the German government moved a total of 500 BTC (250 BTC each) to Bitstamp and Coinbase at 14:48 UTC+8 today, and transferred 500 BTC worth approximately $27.9 million to an unmarked address.
Latest update: 🇩🇪 German government deploys 1,000 more staff #Bitcoin Worth $56 million to the exchange 👀 pic.twitter.com/zsxg3q2tkV
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Germany The company seized nearly 50,000 bitcoins from the operators of the now-shuttered pirate site Movie2K in 2013. The gold seized is estimated to be worth around $2.3 billion at today’s prices.
This comes after the government moved around $390 million worth of Bitcoin to various platforms. From mid-June.
The steady flow of funds to exchanges suggests Germany may be looking to sell some of its reserves, a move that has sent Bitcoin prices tumbling, dropping below $55,000 last week, for unclear reasons.
But the amount moved so far represents a relatively small portion of Germany’s vast holdings: After the latest transaction, the government still holds about 40,000 bitcoins, valued at nearly $2.2 billion.
Still, the remaining reserves account for a significant portion of Bitcoin’s daily trading volume, so experts warn that the threat of further disruption remains as long as Germany remains aggressive in reducing its exposure.
The liquidation will take place as expected by creditors Payments from Mt. Gox The collapse appears to have begun in 2014. The timing could add to selling pressure on Bitcoin in an already bearish macro environment.
