Wallets linked to the German government still hold approximately 23,800 bitcoin, according to Arkham Intelligence data.
Government Moves $500M in Bitcoin
Bitcoin (BTC) dropped on Monday afternoon in Europe as the German government moved $500 million in assets, as shown by blockchain data. According to Arkham Intelligence, a Bitcoin address linked to the German government transferred 8,700 BTC to an intermediate wallet. These assets were then sent to crypto exchanges Bitstamp, Kraken, Coinbase, and market maker Flow Traders.
Bitcoin Price Fluctuations
Following these transactions, Bitcoin’s price fell by 3%, reaching a low of $55,000. It later rebounded to slightly above $56,000, marking a 1.2% decline over the past 24 hours.
Market Conditions and Reactions
This price action followed a significant drop last week, reaching the lowest price since February. Market analysts attributed this to an influx of supply during the typically quiet and low-volume summer period. Both the German and U.S. governments appear to be selling seized assets, coinciding with the defunct crypto exchange Mt. Gox issuing repayments.
With the latest asset transfers, the German government’s Bitcoin holdings have decreased to 23,800 BTC, valued at $1.3 billion, according to Arkham data.
By moving a large volume of Bitcoin, the German government’s actions have notable implications for the crypto market. Keeping an eye on such movements can help investors and enthusiasts better understand market dynamics and price fluctuations.
