Germany’s $354M Bitcoin Sale: Brace for Potential Market Turbulence?

The wallet labeled as the German Government (BKA) on Arkham Intelligence has recently added 6,000 more Bitcoin, valued at $354 million, in preparation for the next wave of BTC sell-offs.

So far, 5,853.409 Bitcoin have been transferred to addresses associated with exchanges such as Coinbase, Kraken, Flow Traders, and other unidentified or unconfirmed addresses.

Ongoing BTC sell-off

The current distribution of the 6,000 BTC follows the outflow of 3,100 BTC, valued at $178 million at the time, on July 9.

Interestingly, the address also withdrew 1,700 BTC, worth $91.78 million, from Bitstamp. This indicates an attempt to recoup its BTC holdings, suggesting difficulty in off-loading them on that particular exchange.

On July 9, the holdings were around 26,000 BTC, valued at approximately $1.5 billion, with a linked address holding 4,800 BTC used for the off-loading process.

As of July 10, the wallet’s current holdings have decreased to around 18,110 BTC, now valued at $1.06 billion, marking a reduction of over $400 million since July 9.

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