The German government has continued its Bitcoin (BTC) sell-off after sending roughly 3,100 BTC worth around $178 million in the span of an hour on July 9.
The German government has continued its Bitcoin ( BTC ) sell-off, shifting roughly 3,100 BTC from its main holdings in the span of an hour on July 9.
At the same time, the government also withdrew roughly 1,700 Bitcoin ( BTC ) from Bitstamp, recouping BTC holdings from the exchange.
This follows the government’s sale of a further $900 million in BTC on July 8, suggesting plans to continue steadily selling off its remaining $1.5 billion in Bitcoin holdings.
German government shifts 3K BTC in 1 hour again
A total outflow of 3,100 BTC was observed from the German government’s main holdings address between 7:30 and 8:30 am UTC on July 9.
Of the total BTC shifted out of the main holdings address, 2,500 BTC were sent to an unknown B2C2 Group, 400 BTC were sent to the centralized exchange Kraken, and the remaining 200 BTC were shifted to an unknown wallet.
The German government sold a further $900 million worth of BTC on July 8, suggesting plans to continue steadily selling off its remaining $1.5 billion in Bitcoin holdings.
That same 16,309 BTC sold is now worth over $930 million despite the mass sell-off, suggesting that buyers are still confident about buying BTC in this price range.
Economic policy impact
The German government has been slowly selling off its Bitcoin holdings since April, and the latest sell-off comes amid a period of relative calm in the cryptocurrency markets.
However, the government’s decision to continue selling off its BTC holdings is likely to have an impact on the price of Bitcoin.
If the government continues to sell off large amounts of BTC, it could put downward pressure on the price.
On the other hand, if the government sells off its BTC holdings slowly and steadily, it could help to minimize the impact on the price.
Ultimately, the impact of the government’s sell-off will depend on a number of factors, including the overall demand for Bitcoin and the actions of other major institutions.
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