German Government Offloads 1000 More Bitcoin (BTC), Ushering in Crypto Monday Blues

The crypto market had a red weekend, and today's BTC offloading does not help stabilize the volatile market.

The German government has moved 1,200 BTC within the last 3 hours, according to Arkham Intelligence on-chain data.

The move comes as the crypto market experiences a downturn Monday, with Bitcoin (BTC) showing a slight gain of 0.3% over the last 24 hours. However, BTC is still trading 8.0% lower than its value seven days ago. As of today, BTC’s market cap sits at $1.14 Trillion, representing a  51.15% market dominance.

At the time of this writing, Bitcoin (BTC) is priced at $57,879, showing a slight gain of 0.3% over the last 24 hours. However, BTC is still trading 8.0% lower than its value seven days ago. As of today, BTC’s market cap sits at $1.14 Trillion, representing a  51.15% market dominance.

Arkham Intelligence data shows that Germany has moved BTC worth $76,496,552 at the current market price ( $57,879). About four hours ago, the German-linked BTC wallet moved 1000 BTC ( $57,879,000) to Coinbase, Bitstamp, and wallet addresses beginning with 139Po…ybVu, which is also a Coinbase wallet.

An hour ago, the same wallet moved 206 BTC ( $11,923,074). The recent transfers are part of the government's plan to offload seized BTC. In the last 20 days since June 19, Germany has moved a total of 11,238.3 BTC, valued at approximately $670 million.

The German government has offloaded 133 BTC to Cumberland DRW, a crypto market maker.

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