Repeated Bitcoin transfers to centralized exchanges suggest the German government plans to sell the remaining $1.3 billion in BTC holdings.
A “German Government (BKA)” labeled cryptocurrency wallet has sold another $900 million worth of Bitcoin, sparking fears that the related selling pressure will push BTC price lower.
According to onchain data from Arkham Intelligence, the wallet associated with the German government transferred a total of roughly 16,309 Bitcoin (BTC) in multiple transactions to various external addresses on July 8. This marks its largest single-day Bitcoin liquidation. Some of the transfers were to crypto exchanges Bitstamp, Coinbase, and Kraken and market makers Flow Traders and Cumberland DRW.
In one of the largest transactions, 3,500 BTC was sent to Flow Traders, 200 BTC to Kraken, 400 BTC to Bitstamp and 400 BTC to Coinbase.
