Topic: [2024-07-09] German Government Sells $220.7M in Bitcoin, Retains $1.3B Reserve (Read 66 times)

German Government Sells $220.7M in Bitcoin, Retains $1.3B Reserve

According to the latest tally, onchain data collected at 12 p.m. EDT on July 9 indicates that the German government has sold 3,840 BTC valued at $220.7 million since 4:30 p.m. EDT on July 8.

Bitcoin Holds Strong Amidst Germany’s Selling Pressure

The German government’s wallet now holds 22,846 BTC following multiple transfers and deposits over the past 19.5 hours. Since then, 3,840 BTC has exited the wallet, bringing the total value of Germany’s bitcoin reserve to $1.3 billion.

Arkham Intelligence wrote on X that the wallets interacted with Kraken, Cumberland, and an unidentified wallet that may belong to an over-the-counter (OTC) provider or market maker. Arkham noted that the wallets received around 5,366 BTC from Kraken, Coinbase, and Bitstamp.

It is speculated that the German government is setting reserve prices for the batches, and if the reserve is not met, the BTC is returned. Vaneck executive Gabor Gurbacs stated on X that bitcoin has remained resilient throughout the process.

"German Government liquidated close to $1 billion [in] bitcoin (17,000 BTC) in a single day. Price barely moves 2%. This is what a mature market looks like. Few understand", Gurbacs remarked.

Despite significant liquidations, bitcoin’s price stability indicates a mature and strong trading environment. BTC is up 3.9% over the past day and nearing the $58,000 range once again. This episode underscores the effectiveness of reserve pricing strategies and the increasing role of institutional players, reinforcing confidence in the long-term viability of bitcoin.

Source: https://news.bitcoin.com/german-government-sells-220-7m-in-bitcoin-retains-1-3b-reserve/