The German Government Has Transferred More Than 3,000 Bitcoin Since 11:11 AM UTC

This activity continues the sell-off trend the government started on June 19, despite opposition from parliamentary members like Joana Cotar

The German government has shifted another 3,000 Bitcoin from a wallet credited with over 42,200 BTC, pushing the total BTC moved in the last 24 hours to a five-figure sum.

The government began transferring BTC out of the wallet on June 19, despite opposition from parliamentary members like Joana Cotar. Cotar has urged the government to stop its “hasty disposal of state-owned Bitcoin” and consider using BTC as a “strategic reserve currency” to protect against traditional system risks.

In the past 24 hours, the German government has moved a combined total of over 6,000 BTC, with more than half being shifted out of the wallet. The address currently holding 35,488 BTC (valued at over $2 billion) received 4,340 BTC, of which over 3,000 were moved to exchanges or unknown addresses.

On July 4, Cotar publicly urged the German government to retain its BTC to diversify treasury assets, foster innovation, and hedge against inflation. She criticised the sell-off as “not only not sensible, but counterproductive.” However, the government proceeded to sell an additional $172 million worth of BTC that day. The wallet in question, which held over 42,200 BTC worth $2.4 billion, now holds just over 35,400 BTC valued at $2 billion.

The market sell pressure has been exacerbated by the defunct crypto exchange Mt. Gox’s announcement of the repayment of its BTC and Bitcoin Cash debts. Nobuaki Kobayashi, the trustee overseeing the repayments, confirmed that the process would begin “in accordance with the Rehabilitation Plan.” A recent MtGoxBalanceBot post on X revealed that the Trustee’s known addresses held over 94,400 BTC, with more than 47,000 BTC already moved.

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