German Government Continues Bitcoin Selling Spree, Sends $27M Worth of BTC to Coinbase and Bitstamp

The German government wallet address moved 250 BTC to Coinbase and another 250 BTC to Bitstamp.

The German government continues to sell its Bitcoin (BTC) holdings, with on-chain transactions revealing that an additional $27 million worth of the flagship cryptocurrency was recently moved to major exchanges Coinbase and Bitstamp.

According to data from the Arkham Intelligence dashboard, on July 8, the German government wallet address moved 250 BTC to Coinbase and another 250 BTC to Bitstamp.

The government also moved 500 BTC to an unknown wallet address, which might belong to an Over-The-Counter (OTC) trading desk.

As previously reported by ZyCrypto, the German government started selling its BTC holdings in June. In total, the government has now shifted nearly $1 billion in BTC to cryptocurrency exchanges.

The government’s wallet address currently holds $2.2 billion, down from the original $3 billion.

The German government has been gradually and rapidly reducing its Bitcoin stash. But as the selling activity continues, the market’s response to this will also change, especially if the price stops decreasing. People will also stop paying attention, and the impact of these sales will also diminish with proper upside momentum.

This time, the German government selling barely moved the market, considering that Bitcoin still holds the $57,000 price. But, if the recent selling activity, coupled with a lack of market response, continues, it could signal something else entirely.

The market is showing retraces to bring fear back on the menus.

The recent selling activity has also brought back some fear into the crypto market, which experienced significant dips last week.

According to market intelligence platform Santiment, the market is showing “retraces to bring fear back on the menus.”

However, analyst @DaanCrypto on X predicts that this fear will be short-lived.

But, the market’s fear could quickly resurface if the government continues selling BTC at a rapid pace and if the market fails to show a strong response to the selling activity.

Bitcoin’s price has dropped by more than 16% in the last 30 days, and to resume a bull market, the largest crypto has to close and hold above $61,000.

But, if the recent selling activity, coupled with a lack of market response, continues, it could signal something else entirely.

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