BITCOIN
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A cryptocurrency wallet identified with the German government has executed another substantial transfer of $52 million in Bitcoin, raising concerns about potential large-scale BTC sales by the government.
On July 2, this wallet facilitated the transfer of 832.7 Bitcoin through four separate transactions.
Transaction details provided by Arkham Intelligence reveal that 100 BTC were moved to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken. The majority of the Bitcoin, totaling 550 BTC valued at over $32 million, was directed to the mysterious wallet labeled “139Po,” which has been linked to previous transactions from the German government, including transfers of 500 BTC on June 25 and 800 BTC on June 20.
Monitoring transactions from entities holding large amounts of Bitcoin is crucial for investors as it provides insights into potential market movements. Significant sales can lead to increased market volatility and downward price pressures.
Currently, the BKA-marked wallet contains over 43,850 BTC, valued at approximately $2.75 billion. This substantial holding represents a potential risk for Bitcoin’s price stability, given the possibility of further sales.
Recently, Bitcoin’s value has trended downward, with a significant decline of 7.3% over the last month. The cryptocurrency briefly dipped to just over $58,450 on June 24 but has since rebounded, climbing above the $62,000 threshold as per recent Bitstamp figures.
Bitcoin currently shows strong support around the $61,500 level. A drop below this threshold could trigger a cascade of liquidations in leveraged long positions, potentially exceeding $1 billion across various exchanges, as noted by Coinglass.
Apart from the largest transaction of $32 million to the unidentified wallet, the remaining Bitcoins were sent to major exchanges, indicating that the German government might be preparing to sell off parts of its Bitcoin reserves.
Speculations regarding the government’s intentions began on June 19, following a massive transaction of 6,500 BTC worth over $425 million from the same wallet. At the time, the wallet’s balance was nearly 50,000 BTC, assets reportedly seized from the operators of the pirated movie site Movie2k.
