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Germany’s government has initiated another significant Bitcoin selloff, moving Bitcoin worth millions to crypto exchanges and other wallets in preparation for a large-scale liquidation. The addition of more BTC from other wallets has raised concerns within the crypto market.
On Tuesday, Germany’s Federal Criminal Police Office (BKA) transferred 3,100 BTC to the Kraken exchange and unknown wallet addresses. This transfer is part of a broader selling spree that began in June, with a notable increase in activity in July. The aggressive selloff has caused panic in the crypto market.
Blockchain data from Arkham Intelligence indicates that the BKA transferred 400 BTC to Kraken on July 9. Additionally, the BKA moved 2,500 BTC to a wallet address linked to B2C2 Group (address 139PoP) and 200 BTC to another address (bc1qu3). In total, the German government dumped Bitcoin worth approximately $177.54 million within an hour.
Interestingly, BTC was moved into the German government wallet from the crypto exchange Bitstamp, raising questions about the purpose and strategy behind this massive selloff. Bitcoin worth $96.88 million was moved back into a wallet linked to the German government, which still holds Bitcoin valued at $1.48 billion.
On Monday, CoinGape reported that the German government had moved over 5,000 BTC to various crypto exchanges, including Coinbase, Bitstamp, and Kraken, as well as to wallet addresses starting with 139PoP and bc1qu3. Following the massive liquidation, the government acquired 3,673 BTC.
The aggressive selloff by the German government has created a sense of uncertainty and volatility in the crypto market. The transfer of such large amounts of Bitcoin to exchanges often precedes a significant market impact, leading to potential price drops and increased market instability.
Market participants are closely monitoring the situation, as further selloffs could exacerbate market volatility. The movement of BTC into and out of government-linked wallets suggests a strategic approach to managing their holdings and influencing market conditions.
As the situation unfolds, the crypto community remains on high alert for further developments and their potential implications on Bitcoin prices and overall market stability.
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