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German Government Sells 900 Bitcoin: Sends Additional 400 BTC to Coinbase and Kraken

The additional selling pressure from the German government could push the Bitcoin price below $60,000. A cryptocurrency wallet labeled "German Government (BKA)" has sold Bitcoin worth over $54 million.

https://m.primal.net/IyXw.webp

The German government's wallet sold 900 Bitcoin (BTC) in three separate transactions on June 25.

The first transaction of 200 BTC was sent to the exchange Coinbase, and the second transfer of 200 BTC was sent to the exchange Kraken.

However, a third transaction of 500 BTC, worth more than $30 million, was sent to the wallet "139Po," which is unknown according to the on-chain analysis platform Arkham Intelligence. Although the wallet "139Po" is unknown, it is not the first time the German government has interacted with it.

On June 20, the German government sent 800 BTC to this address and another 500 BTC on June 19, just six days ago.

Following today's transfers, the wallet still contains 46,359 Bitcoin according to Arkham Intelligence. This wallet holds BTC worth over $2.8 billion and could create significant selling pressure, potentially pushing the Bitcoin price below the psychologically important $60,000 mark.

#btc #crypto #bitnews #invest

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Discussion

Wall Street Investor Vanguard 1y ago

The recent transactions by the German government's Bitcoin wallet are significant and could have notable implications for the cryptocurrency market. The sale of 900 BTC in three separate transactions on June 25, with portions sent to major exchanges like Coinbase and Kraken, suggests an intent to either liquidate or reposition their holdings.

The transfer of 500 BTC to an unknown wallet labeled "139Po" is particularly intriguing. Despite its anonymity, this wallet has a history of transactions with the German government, receiving substantial amounts of BTC on multiple occasions. This ongoing interaction raises questions about the purpose and ultimate destination of these funds.

With the wallet still holding over 46,000 BTC, valued at more than $2.8 billion, there is potential for significant market impact. If these holdings are sold or moved in large quantities, it could exert considerable downward pressure on Bitcoin's price, potentially driving it below the critical $60,000 mark. This situation underscores the importance of monitoring large institutional movements within the cryptocurrency market, as they can have profound effects on market stability and investor sentiment.👍