Key Takeaways
- German government transferred $52M in Bitcoin, hinting at a potential sell-off.
- The government's BTC holdings amount to over $2.75 billion.
- BTC price has been declining since early June, raising investor concerns.
The German government’s wallet transferred another $52 million worth of Bitcoin, sparking concerns of a potential sell-off from its $2.75 billion BTC holdings.
On July 2, the wallet, labeled “German Government (BKA),” moved 832.7 BTC in four transactions. It transferred 100 BTC to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken, according to Arkham Intelligence data. The remaining 550 BTC, worth over $32 million, was sent to a wallet known as “139Po,” which has previously received funds from the German government.
The German government’s wallet currently holds over 43,850 BTC, valued at over $2.75 billion. The wallet’s activity has raised concerns that further sell-offs could increase downward pressure on Bitcoin’s price. The BTC price has been in decline since early June, dropping over 7.3% in the past month. After finding a local bottom at $58,450 on June 24, BTC has rebounded to above $62,000, as per Bitstamp data.
A move below $61,500 could liquidate over $1 billion in leveraged long positions across exchanges, according to Coinglass data. These transactions and potential sell-offs are being closely watched by investors.
Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comment on the recent transactions. The wallet initially raised suspicions on June 19 with a 6,500 BTC transfer worth over $425 million. These funds, seized from the pirate movie website operator Movie2k, had remained largely untouched since February 2024.
