Home Crypto German Government Moves Another $52M into Bitcoin, Threatens to Increase BTC Selling Pressure

German Government Moves Another $52M into Bitcoin, Threatens to Increase BTC Selling Pressure

by Editorial Staff
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A cryptocurrency pockets labeled “Authorities of Germany (BKA)” has offered one other $52 million value of Bitcoin, elevating suspicions that the federal government is promoting off its huge Bitcoin holdings.

A pockets linked to the German authorities transferred 832.7 Bitcoin (BTC) in 4 separate transactions on July 2.

In response to Arkham Intelligence, the pockets despatched 100 BTC to the Coinbase alternate, 150 BTC to Bitstamp and over 32 BTC to the Kraken alternate.

BKA BTC transfers. Supply: Arkham Intelligence

The lion’s share, or 550 BTC value greater than $32 million, was despatched to the “139Po” pockets, which stays unidentified however has beforehand obtained funds from the German authorities, together with 500 BTC on June 25 and 800 BTC on June 20.

Monitoring the promoting patterns of main Bitcoin holdings can present buyers with beneficial clues in regards to the worth of Bitcoin, as massive promote orders can put extra downward strain on costs.

On the topic: Cryptos, BNB Secondary Gross sales, Not Securities: Federal Courtroom Guidelines on Binance v. SEC

The German authorities might enhance the strain on the sale of bitcoins

The pockets labeled BKA might pose a menace to the value of Bitcoin because of potential promoting strain because it holds greater than 43,850 BTC and is value greater than $2.75 billion.

The worth of Bitcoin has been in a downward development for the reason that starting of June, falling greater than 7.3% within the final month. In response to knowledge from Bitstamp, BTC hit an area backside above the $58,450 mark on June 24 earlier than bouncing again above the present $62,000 mark.

BTC/USD 1 month chart. Supply: TradingView

Bitcoin has accrued important assist on the $61,500 mark. Nonetheless, in response to Coinglass knowledge, the transfer beneath will eradicate cumulative leveraged lengthy positions of greater than $1 billion throughout all exchanges.

Bitcoin Alternate Liquidation Map. Supply: Coinglass

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German authorities not actively promoting BTC?

Aside from the biggest switch value $32 million, the remainder of the bitcoin was transferred to centralized exchanges, suggesting that the German authorities is probably trying to promote bitcoin.

Cointelegraph has reached out to Germany’s Federal Felony Police Workplace (BKA) for remark.

A German government-branded pockets first raised suspicions of a possible bitcoin sale on June 19, when it accomplished a switch of 6,500 BTC value greater than $425 million.

There have been virtually 50,000 BTC earlier than the switch to the pockets since February 2024. The funds are believed to have been seized from the operator of pirated film web site Movie2k.

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