The German government has continued its Bitcoin divestment, transferring an additional 400 BTC to major cryptocurrency exchanges. This is part of an ongoing series of sell-offs from an address linked to German authorities. Over the past few days, more than 2,500 BTC have been sold from this address, coinciding with current market tensions. The persistent nature of these sales indicates that the German government may not have concluded its Bitcoin liquidation efforts.
German Government’s Bitcoin Sell-Off
According to Arkham, the German government transferred 400 BTC to Bitstamp, Coinbase, and Kraken at 16:25 UTC+8, valued at approximately $25.28 million. This follows a pattern of transfers over the previous two weeks, totaling more than 2,700 BTC sent to centralized exchanges. The latest transfer saw Kraken and Coinbase each receiving 100 BTC, while Bitstamp received the largest portion of 200 BTC.
These transactions occurred in three notable batches: an initial 1,700 BTC worth $110 million, followed by 400 BTC valued at $24.34 million, and 595 BTC worth about $36.5 million prior to the most recent transaction. Despite these sell-offs, Germany’s Bitcoin holdings have appreciated significantly, now valued at $2.8 billion, including $961 million in unrealized profit. While some analysts have suggested these government sales as a factor in recent market volatility, the overall impact remains uncertain due to other influential market forces.
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Bitcoin Market Performance
Despite the German government’s sell-off, Bitcoin’s price has demonstrated resilience, surging above $62,000. At the time of reporting, Bitcoin’s live price stands at $62,868.28, with a 24-hour trading volume of $23.8 billion. The open interest in Bitcoin has increased by 1.56%, reaching a valuation of $18.4 billion.
Bitcoin’s Relative Strength Index (RSI) is currently at 58.3, slightly below the 50 RSI zone, indicating strong buying pressure. The cryptocurrency has seen a 2.29% increase in the last 24 hours, trading between $63,747.23 and $62,545.85. Bitcoin’s current market capitalization is approximately $1.2 trillion, reflecting its continued dominance in the cryptocurrency market despite recent sell-offs.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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