German Government (BKA) Sells €50M Worth of Bitcoin, Sending the Market into a Tailspin

The massive sale included three separate transactions, with a total of 900 Bitcoin traded. Part was sent to Coinbase and the other part to Kraken.

Acryptocurrencywalletlabeled“GermanGovernment (BKA)”hassoldmorethan€50million($60.3million)worthofBitcoinonJune25,withthreeseparatetransactionstotaling900BTC.PartoftheBTCwassenttoCoinbaseandanotherparttoKraken.Thefirsttransactionof200BTCwassenttotheCoinbaseexchange,followedbyasecondtransactionofanother200BTCtotheKrakenexchange.Thethirdandlargesttransaction,worth500BTCormorethan$28million,wassenttothewallet“139Po,”whoseownerisunknown,accordingtoonchainintelligenceproviderArkhamIntelligence.However,theGermangovernmentthaspreviouslyconductedtransactionswiththisaddress.OnJune20,thegovernmentsent800BTCtothiswalletandanother500BTConJune19.Aftertherecenttransactions,thegovernment-taggedwalletsstillcontains46,359Bitcoin,withanestimatedvalueofmorethan$2.8billion.TheselargeamountsofBTCcouldcreatesignificantsellingpressure,pushingBitcoin’spricebelowthepsychological$56,000mark.Bitcoin’spricehasbeenfallingforsometime,losing11%onamonthlybasisandmorethan7%onaweeklybasis.At9:40UTC,Bitcoinwastradingjustabove$61,000,accordingtodatafromBitstamp.PopularanalystWillyWoosuggestedinapostonJune22thatBitcoinmayexperienceacorrectionthatcouldlastuptofourweeksbeforeresumingpriceappreciation.Hewrotetohis1.1millionfollowers:“Keepinganeyeonthismodel…probablyanother1-4weeksofcoolingbefore#Bitcoinpriceactionisboringenough.Graph:IntensityofSpeculatorsPlayingCasinoGames.”TheGermangovernmentfirstraisedsuspicionsofapossibleBitcoinsaleonJune19,whenitcarriedoutatransferof6,500BTC,worthmorethan€396millionatthetime.Inadditiontotransactionstounlabeledwallets,themajorityofBitcoinisbeingtransferredtocentralizedexchanges,indicatingthatthegovernmentmaybeplanningtosellmoreBitcoin.ThefundsinthewalletwereseizedfromillegalmoviewebsiteoperatorMovie2kandaresettoexpireintwoyears.ThetotalamountofBTCinthewalletisalmost50,000BTCasofFebruary2024.Meanwhile,thecollapsedcryptocurrencyexchangeMt.GoxhasannouncedthatitwillrefunditsusersinJuly,whichcouldcreateevenmoresellingpressureforBitcoin.Morethan$8.8billionworthofBitcoinisowedtoapproximately127,000Mt.Goxcreditors,whohavebeenwaitingformorethanadecadefortheirfundstobereturned.

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