German Government Bitcoin Wallet Sees Major Shuffle

Over the past two days, there's been a significant shuffle going down within the Bitcoin wallets belonging to the German government.

The German authorities has continued liquidating its Bitcoin holdings regardless of a heavy sell-off on Wednesday, July 10. As per the latest data from Arkham Intelligence, the German authorities has moved a total of 1,125 BTC to 3 crypto exchanges Bitstamp, Kraken, and Coinbase, just a few minutes ago from the press time.

Earlier on Wednesday, the German authorities sold off over 10K Bitcoins, however, with today’s selling, its total holdings have further dropped to 13,177 BTC with its value now dropping to $767 million. In less than a month’s time, the German authorities have liquidated nearly 37,000 Bitcoins from its holdings back in mid-June. So, if they continue selling at the same pace, they could empty their wallet by the end of this month.

In addition to the above transactions, the German authorities also sent 1,000 BTC to the suspected B2C2 Group at address 139PoP…H7ybVu. Furthermore, they moved 250 BTC to an unmarked address at bc1qu3…guzr4j. This move has sparked curiosity and speculation within the cryptocurrency community regarding the authorities’s strategic crypto asset management.

German Govt. Bitcoin Wallet Sees Major Shuffle

Over the past two days, there has been a major shuffle going down in the Bitcoin wallets belonging to the German government. After sending over 10,8000 Bitcoins throughout the day on Wednesday, the wallets received a total of 2,442 Bitcoins valued at $141 million back late last night.

According to Arkham data, a wallet received 903 Bitcoins (valued at $52.3 million) from the crypto exchange Kraken. Additionally, it recorded inflows of 1,529 Bitcoins (valued at $88.6 million) from addresses currently unidentified by the on-chain analytics platform. The German government also received ten Bitcoins (valued at $575,000) from Bitstamp.

There is no specific indication as to why the wallet received the BTC back. However, The Block’s Research Director Steven Zheng gave a possible explanation for it stating:

“They have been unsold Bitcoin as part of a sale agreement between the crypto exchange and the nation.”

German Bundestag member and Bitcoin advocate Joana Cotar criticized the government’s decision to rapidly sell its Bitcoin holdings instead of implementing a comprehensive Bitcoin strategy, calling it “counterproductive”.

Interestingly, the large Bitcoin sell-off in the last two days has not impacted BTC price much as it continues to hold steady above the $58,000 level at the moment.

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