German Government Sells $376 Million in Bitcoin, Reducing Holdings to 9,094 BTC

In a significant move, the German government sold $376 million in Bitcoin, reducing their holdings to just 9,094 BTC, with potential market shifts looming.

The German government sold $376 million in Bitcoins on Thursday, reducing its total holdings to just 9,094 BTC, as the country continues to sell off its cryptocurrency assets amid potential market shifts, according to a report by Arkham Intelligence.

The German government initially sold 10,627 BTC for $616 million at a price of $57,976 per BTC on Thursday. However, 4,169 BTC, valued at $241 million, were returned at a price of around $57,469 per BTC.

As a result of the sales, the German government now holds only 9,094 Bitcoins, which are valued at $520 million at current market prices, according to Coingape.

Over the past month, the German government has sold around 41,000 BTC on the open market, liquidating 82% of its Bitcoin holdings.

The massive sales by the German government over the past three days have put a spotlight on the country's cryptocurrency strategy. At the current rate of sales, it would take them only a day or two to sell off all of their assets.

The German government's rapid BTC sales have sparked widespread speculation, but the authorities have remained tight-lipped on the matter.

The government's decision to sell some BTC early and buy some later in the market also lacks any clear logic.

On the bright side, however, Bitcoin's price has remained relatively stable at $57,000 for the past two days.

Bitcoin has recovered strongly to $58,000 after falling as low as $53,500 earlier this week. Spot Bitcoin ETF inflows have also been quite high this week, which is countering the selling pressure from the German government.

While the German government's BTC move has shifted attention to macro indications, such as U.S. consumer price index numbers for June coming in lower than expected, Bitcoin bulls have failed to generate an upswing.

However, the cryptocurrency's price is now down 1.4% for the day, trading below $57,000. This, according to on-chain data source Santiment, is a sell-the-news trend for Bitcoin.

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