Topic: [2024-07-11] From 50,000 to 4,925 BTC: Germany's Bitcoin Sell-off Continues (Read 57 times)

From 50,000 to 4,925 BTC: Germany's Bitcoin Sell-off Continues

Germany now holds fewer than 5,000 bitcoin following its recent divestment on Thursday. Since 9 a.m. EDT that day, wallets operated by the German government transferred 5,000 BTC, reducing its holdings to 4,925 BTC.

Germany’s Bitcoin Reserves Drop Below 5,000

As of 1 p.m. EDT on Thursday, July 11, 2024, the German government holds 4,925 BTC, valued at approximately $283 million. The wallets have divested about 5,000 BTC since 9 a.m., including 3,185 BTC moved during overnight sessions. While the wallet still retains a substantial amount of BTC, it previously held nearly 50,000 BTC in January 2024 when German law enforcement seized the stash from a movie piracy site.

German government’s BTC stash as of 1 p.m. EDT on July 11, 2024, according to Arkham’s stats.
The divestment began at the end of June 2024. Today, German police-operated wallets sent funds to Coinbase, Bitstamp, Kraken, Cumberland, Flow Traders, and an unknown address. Inflows have also been observed from the unknown wallet and Kraken during the transfer periods. BTC reached $59,516 per coin at 8 a.m. on Thursday, but following the recent transfers, the price has dropped to around $57,500 per coin, marking a 0.3% decrease over the past day.

Notably, the German BTC transfers have coincided with inflows into U.S. spot bitcoin exchange-traded funds over the past four trading sessions. During this period, U.S. spot bitcoin ETFs absorbed around $801 million in bitcoin. Additionally, a report from cryptoquant.com highlights aggressive whale purchasing while prices are low. The report indicates that whales have been increasing their bitcoin holdings at the fastest monthly rate since April 2023.

Source: https://news.bitcoin.com/from-50000-to-4925-btc-germanys-bitcoin-sell-off-continues/