Bitcoin Price Plunge: German Government’s BTC Sell-Off Adds to Market Woes

• Lookonchain reported the German government transferred 3,000 BTC out of its portfolio.
• 1,300 units of the transferred BTC went to three centralized exchanges.
• The recent crypto selloff has led to a 9.11% drop in the total crypto market cap.

The German government has reportedly moved a significant amount of Bitcoin from its holdings, raising questions about its investment strategy and potentially adding to recent downward pressure on the cryptocurrency’s price.

On-chain analytics platform Lookonchain revealed that 3,000 BTC, valued at $174 million, were transferred, with a significant portion distributed among major crypto exchanges Bitstamp, Coinbase, and Kraken. The latest transfer leaves the government with 40,359 Bitcoins, equivalent to $2.33 billion in its holdings.

The German Government transferred 3,000 $BTC($174M) out again, of which 1,300 $BTC($75.5M) was transferred to #Bitstamp, #Coinbase and #Kraken.

German Government currently holds 40,359 $BTC($2.33B).https://t.co/x0aJljKn2C pic.twitter.com/Bk6oDEmGOa

— Lookonchain (@lookonchain) July 4, 2024

Lookonchain’s latest report detailed the series of Bitcoin transfers linked to the German governm…

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