The German government sent shockwaves into the crypto market with yet another transfer of 1000 Bitcoin. The blockchain analytical firm Arkham confirmed the move by clarifying that 250 BTC were transferred to Bitstamp, and another 250 Bitcoins were moved to Coinbase. Similarly, officials moved the remaining 500 Bitcoins to an unknown address that could be a centralized exchange or OTC service.
The latest sell-off of 1,000 Bitcoin, valued at $55.79 million, follows the Government’s weeks-long selling spree and has sparked speculation across the crypto market. Germany’s recent Bitcoin sell-off occurred when the market was already facing volatility, dropping BTC’s price again following recovery.
Germany still holds 38,621 Bitcoin in reserve
Still, the Government holds 38,621 Bitcoins in reserves, which is $2.2 billion at the current price. Given Germany’s presumed intent to not stop selling, this BTC holding arouses fears of more selling pressure that could result in downtrends. Since June 19, Germany has sold around 11,032 BTCs in total, equating to $633 million in line with the current price.
The transfer of 1,000 Bitcoins occurred even after Joana Cotar, a member of Germany’s Federal parliament Bundestag, heavily criticized the Government move on Thursday. She highlighted the potential benefits of keeping Bitcoin as a strategic reserve currency and called the Government’s initiative unsensible and counterproductive.
As it should be, the large Bitcoin sell-offs caused various reactions from the industry players. Tron founder Justin Sun offered the Government the opportunity to purchase the Bitcoin stash off-market. In an X post on July 4, Sun said he wants to mitigate the market risk by purchasing all of the German Government’s Bitcoin.
As of this writing, Bitcoin is trading at $57,544, down 0.35% in the last 24 hours. The giant coin experienced a 51.48% surge in trading volume on the last day, reaching over $31 billion. Similarly, Bitcoin’s market cap currently stands at $1.3 trillion.
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