Key Takeaways
- The German government has apparently sold 900 BTC, valued at over $54 million.
- 400 BTC were transferred to Coinbase and Kraken exchanges.
- The wallet still holds 46,359 BTC, worth over $2.8 billion.
The German government has recently sold over $54 million worth of Bitcoin from its Bitcoin wallet.
Transaction details
On June 25, the wallet offloaded 900 BTC through three transactions.
Two transfers of 200 BTC each were sent to Coinbase and Kraken exchanges, respectively, while the third transfer of 500 BTC went to an unidentified wallet, labeled “139Po,” according to Arkham Intelligence.
The wallet “139Po” has received BTC from the German government before, with 800 BTC sent on June 20 and another 500 BTC on June 19. Despite these sales, the German government’s wallet still holds 46,359 Bitcoin.
Price dip
This significant activity comes amid Bitcoin’s price struggles.
Bitcoin has dropped 11% over the past month and over 7% in the past week, currently trading just above $61,000 according to Bitstamp data. Analyst Willy Woo has suggested that Bitcoin may face a further correction lasting up to four weeks.
Wallet details
The German government’s wallet, which held nearly 50,000 BTC since February 2024, is believed to have seized the funds from the Movie2k piracy website operator.
This latest sell-off raises concerns about increased selling pressure on Bitcoin, particularly with the anticipated repayments from the collapsed exchange Mt. Gox in July. Mt. Gox owes over $9.4 billion worth of Bitcoin to 127,000 creditors.
