Price Bitcoin crashed again as the German government continues its BTC sell-off. The government has already sold millions of dollars worth of Bitcoin, putting huge pressure on pioneering cryptocurrency amid broader market volatility.
German government initiates massive BTC sell-off
Bitcoin price continues to decline was caused by a number of factors, including the outflow of funds from the Spot Bitcoin ETFs, unfavorable market conditions, and Mt Gox BTC Redistribution Plans. Recently, the price of the cryptocurrency has been additionally exposed to pressure from significant BTC sell-offs executed by the German government.
For weeks now, Germany sold thousands of Bitcoins worth hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence reported that the government sold 900 BTC worth about $52 million. They transferred 400 BTC to Coinbase and Kraken, and transferred the rest to an unknown address.
In addition, last week the German government done another major Bitcoin sell-off, transferring a massive 3,000 BTC worth about $172 million to exchanges. The government moved 1,300 BTC to Kraken, Bitstamp, and Coinbase, and sold the rest to an unknown wallet address.
The last BTC transaction took place on Monday, June 8, when German police sold an additional 2,738.7 BTC worth approximately $155.3 million. Arkham Intelligence revealed that Bitcoin is likely sold on cryptocurrency exchanges or market makers including Kraken, Cumberland, 139Po, and address bc1qu.
As of this writing, the German government still holds a staggering amount of Bitcoin. Arkham data revealed that the government’s holdings amount to 26,053 BTC, which is equivalent to approximately $1.49 billion.
Despite The Last BTC CrashGerman Bitcoin government continues to sell its BTC holdings at a rapid pace. Joanna Cotar, a member of the German Bundestag, the state parliament of the Federal Republic of Germany, expressed her dissatisfaction with the government’s decision to sell your BTC holdings.
Quote revealed that the government should strategically hold onto BTC, not sell it. She revealed that their recent BTC sell-offs were counterproductive and unwise, calling on the government to apply their BTC as a strategic reserve currency.
Bitcoin Price Update After Crash
Over the past week, Bitcoin price dropped by a significant 8.71% after a 17.10% slump in the previous month. This drop was attributed constant sales pressure and the recent downward trends in the cryptocurrency market.
Since the beginning of June, bitcoin prices have been fluctuating showing weakness and ineffective performance significantly. Despite the inflows into the Spot Bitcoin ETF, Bitcoin remained volatile below the $60,000 price level, showing little upside momentum.
Turning on German government sells BTCCryptocurrency analyst Ali Martinez also revealed in Posts X that Bitcoin whales have sold over 30,000 BTC worth about $1.8 billion in the past month. This 30,000 BTC sell-off, which exceeds Current Bitcoin holdings held by the German government contributed significantly to the decline in Bitcoin’s value to its current price of $57,039, according to CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
