German Government Dumped $419M Bitcoin, But Market is Bullish

The German government is showing no signs of relaxing its ongoing Bitcoin selloffs via crypto exchanges, market makers, and some anonymous entities.

The German government has continued its large-scale Bitcoin (BTC) selloffs, shifting an additional 1,738.7 BTC from its known wallet address on Monday.

This recent movement comes after an earlier batch of 1,000 BTC was sold, bringing the total sold on Monday to 2,738.7 BTC, valued at around $155 million at the time of the transactions.

According to market tracking platform Arkham Intelligence, the German government interacted with new entities during the latest round of sales. Among them were institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu.”

“Today the German Government sent 2738.7 BTC ($155.3M) to likely exchanges/market makers including Kraken, Cumberland, 139Po (likely deposit for institutional/OTC service) and address bc1qu,” Arkham stated in a tweet on Monday.

The German government’s Bitcoin holdings now stand at 38,826 BTC, valued at about $2.17 billion. However, further analysis by Arkham suggests that the government has a larger plan to sell more Bitcoin on Monday.

Fresh data from the platform showed that the German government had sold an additional 1,738.7 BTC from their known Bitcoin address in several transactions over the past few hours.

The government’s Bitcoin holdings have now dropped to 38,826 BTC. At the time of the transactions, Bitcoin was trading at around $55K.

The German government's recent Bitcoin selloffs have attracted attention within the crypto community. However, the sales appear to be having an interesting effect on the market.

While one might expect the government's large-scale selloffs to put downward pressure on Bitcoin's price, especially given theトークンs recent struggles, the market is showing signs of strength on Monday.

At the time of the latest report, BTC is trading at $57,139.12, up from a low of $54,321 earlier in the day. Notably, Bitcoin hit an intraday high of $58,100 before settling around $57K.

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