German Govt. Offloads Another 547 Bitcoins, Rejects Lawmaker’s Suggestion

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The German government is currently on a no-mercy Bitcoin selling spree. As per the latest update from Arkham Intelligence, the German government has offloaded another 547 Bitcoins today from its holds. this brings the total holdings of the German government to 41,220 Bitcoins currently valued at $2.27 billion.

Bitcoin Selling Spree Continues

As per the latest information from Arkham Intelligence, the German Govt. sent these 547 bitcoins to the market maker Flow Traders, valued at $30 million. the government has also been moving its Bitcoins to different BTC wallets as well as sending them to three crypto exchanges – Kraken, Bitstamp, and Coinbase.

A day before, German lawmaker Joana Cotar slammed the government for the recent Bitcoin sell-off. She added that the recent sell-off could prove to be “counterproductive”, especially when the United States is considering holding Bitcoin as a strategic reserve asset.

She also informed prominent political figures, including Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Chancellor Olaf Scholz, about the counterproductive nature of these sales.

However, it seems that the German government has turned deaf ears to this suggestion. In the first week of July so far, the German govt. has transferred approximately 4,000 Bitcoins. this coupled with the Mt. Gox repayment has led to solid panic selling in the market. As per the on-chain data from IntoTheBlock, more than 30K Bitcoins have moved to the exchanges this week.

Nearly 30k $BTC, worth $1.73 billion entered exchanges this week. With the price declining, this influx suggests that panic sellers are offloading their assets. pic.twitter.com/vbzPsCOpif

— IntoTheBlock (@intotheblock) July 5, 2024