The German government continues to sell Bitcoins in its wallet despite the major drops in the Bitcoin price.
According to data from blockchain analysis firm Arkham, Germany transferred hundreds of millions of dollars worth of Bitcoin today.
German Government Continues Bitcoin Sales!
According to Arkham data, a German government address transferred approximately 3,133 BTC ($170 million) to crypto exchanges and crypto market makers in the last hour.
The transfers include 300 BTC ($17.13 million) each to Coinbase and Bitstamp exchanges and 1,000 BTC ($57.08 million) to market maker Flow Traders.
Additionally, he sent 250 BTC worth $14.29 million to an address starting with “bc1qu” and 150 BTC ($8.57 million) to the Kraken exchange.
The German government also sent 1,000 BTC worth $57.16 million to an address starting with “139PoP,” which is suspected to belong to liquidity provider B2C2 Group.
Finally, the German government transferred 133,722 BTC worth $ 7.63 million to market maker Cumberland DRW.
After the latest transfers, the German government still has $2.017 billion worth of BTC in its wallet.
While Germany's selling pressure on Bitcoin continued, Tron (TRX) founder Justin Sun announced that Germany could purchase all its Bitcoins via OTC to reduce the selling pressure on Bitcoin.
However, to date, there has been no official statement regarding Bitcoin trading from either Germany or Justin Sun.
UPDATE:
The German Government continued its transfers according to Arkham data. Accordingly, the German government sent a large amount of BTC to an address starting with “139PoP”, which is suspected to belong to Coinbase, Bitstamp, Kraken exchanges, market maker Flow Traders and liquidity provider B2C2 Group.
According to the data, the German government still has 23,788 BTC worth $1.33 billion.
According to Arkham, today's BTC transfers make it the biggest transfer day ever for Germany. Because Arkham said that the German government transferred over 16,000 BTC in total.
*This is not investment advice.