German Government Could Run Out of Bitcoin (BTC) in a Few Days as It Keeps Selling

According to Arkham data, the current value of their BTC holdings stands at around $519 million. The last few outflows happened over 14 hours ago.

The German government has only 9094 Bitcoin (BTC) left in its wallet after a few weeks of back-to-back selling, according to Arkham data. At current prices, their BTC holdings are valued at about $519 million.

The last outflows from the government wallet occurred over 14 hours ago. The wallet sent a total of 5000 BTC in six transactions to Kraken, Coinbase, Bitstamp, Flow Traders and two other wallets, as per the data.

The government wallet received 900 Bitcoin from Bitstamp nine hours ago, according to the blockchain data. Coinbase and Kraken also sent 438 BTC and 250 BTC, respectively, to the government wallet.

The German government has been selling its Bitcoin at a rapid pace, and at this rate, the wallet is likely to empty in 2–3 days.

The massive offloading by the government has also caused some fear, uncertainty and doubt (FUD) in the market, which pulled the price of Bitcoin down to as low as $54,000.

However, as the UPI inflation data showed a lower than expected rate of 3%, the crypto market showed a relief rally. Bitcoin touched as high as $59,000 before falling to its current price of $57,200. Ethereum also showed a similar trend, reclaiming the $3,200 level for a brief period of time.

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

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