Fresh data has revealed that the German government continues its pattern of Bitcoin liquidation.
What Happened: According to blockchain intelligence firm Arkham, the transfers totaling 282.74 Bitcoin BTC/USD to major cryptocurrency exchanges including Bitstamp, Coinbase and Kraken took place at approximately 16:20 UTC+8.
This transaction is part of a larger selloff that has been observed over the past two weeks.
Arkham’s data indicates that during this period, the German Government has moved more than 3,000 BTC to various centralized exchanges (CEXs), signaling a substantial liquidation of their Bitcoin holdings.
Also Read: What Is Going On With Bitcoin Spot ETFs?
The trend becomes even more apparent when examining the government’s portfolio over a slightly longer timeframe.
Between June 22 and July 2, 2024, the value of Germany’s Bitcoin holdings decreased from $3.06 billion to $2.89 billion, representing a decline of approximately $170 million.
During this 10-day period, the number of Bitcoin held by the government dropped from 47,180 to 46,190, indicating a sale of about 990 BTC.
It’s worth noting that while some of this value decrease can be attributed to Bitcoin’s price fluctuations—dropping from $64,827 to $62,671 during the same period—the consistent transfer of funds to exchanges suggests an active strategy of divestment.
Image: Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
