German Government Makes a Surprising U-turn in Its Bitcoin Strategy, Buys Back $111.5M Worth of BTC
- WBOYOriginal
- 2024-07-11 18:52:02813browse
YEREVAN (CoinChapter.com) — The German government has made a surprising U-turn in its Bitcoin strategy.
German Government Buys Back $111.5 Million Worth of Bitcoin - CoinChapter
The German government has made a surprising U-turn in its Bitcoin strategy. Previously, it had been selling large amounts of Bitcoin, adding pressure to the market. In a recent unexpected move, the government bought back over 1,915 Bitcoin.
This transaction was detected by Arkham Intelligence, an on-chain analysis firm. They shared the news with their 460,000 followers on Twitter.
German Government’s Major Bitcoin Transactions Revealed by Arkham Intelligence
“German Government BTC Movements. German Gov. wallets received 1,915 BTC ($111.5M) last night from addresses linked to Kraken, Bitstamp, and Coinbase. 1,047.4 BTC ($57.2M) has been moved out of their wallets this morning: 547.4 BTC ($30.1M) to Flow Traders, 500 BTC ($27.1M) to 139Po (likely for institutional/OTC service).”
The exchanges involved in this transaction include Kraken, Coinbase, and Bitstamp. These were the same platforms used by the German government for selling Bitcoin last week.
The German government’s previous strategy of selling Bitcoin had created significant selling pressure. This had driven Bitcoin’s price to new lows and caused concern within the crypto community.
This buyback has raised speculation and optimism among industry watchers and global Bitcoin investors. Besides buying back $111.5 million worth of Bitcoin, Arkham Intelligence also reported that the government transferred 1,047.4 BTC out of their wallets. A substantial portion, 547.4 BTC, went to Flow Traders. Another 500 BTC is believed to have been allocated for institutional or OTC services.
German Gov’t BTC Transfers This Month
This month, the German government has been very active in the crypto market. On Tuesday, it transferred 832.7 Bitcoins, valued at approximately $52 million, with 282.7 Bitcoins sent to major exchanges like Bitstamp, Coinbase, and Kraken.
Two days later, another significant transfer of 3,000 Bitcoins worth $174 million occurred. The government-linked wallet now holds a total of 40,526 BTC, valued at over $2.29 billion.
Justin Sun Seeks to Stabilize Market Amid Bitcoin Volatility
The German government’s activities have created a lot of volatility, impacting asset prices. Many industry leaders are concerned and are looking for solutions to stabilize the market.
Justin Sun, founder of the Tron (TRX) crypto project, has expressed his intention to negotiate with the German governing body. He aims to minimize the market impact of their Bitcoin strategy. Sun suggested an off-market transaction to prevent significant price fluctuations.
The German government’s actions caused Bitcoin to drop to a low of $53,700. However, it has rebounded to $56,926 at the time of writing.
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