Over the course of nearly 20 hours, the German government has sold 9,736 BTC valued at $564.3 million. The government’s BTC wallet currently holds 13,110 BTC worth $767 million.
German Government’s Swift Bitcoin Sales Could Soon Lead to Total Reserve Depletion
At 1:16 p.m. EDT on July 9, Bitcoin.com News reported on Germany’s bitcoin transfers after the country moved more than $220 million worth of funds. Since then, over a period of 19 hours and 30 minutes, the government’s BTC wallets have transferred 9,736 BTC valued at $564.3 million to various entities.
The recipients of these transfers include Coinbase, Bitstamp, Kraken, Flow Traders, Cumberland, and an unknown address. Since June 19, 2024, at 12 p.m. EDT, the German government’s BTC reserves have sold a total of 34,749 BTC worth $2.01 billion at current exchange rates.
The involvement of prominent exchanges and market makers, along with the unknown address, underscores the complexity and scale of these transactions. Future actions by the German government in the cryptocurrency market will be closely monitored by global market participants. At the current pace, the BTC reserves could be entirely depleted by tomorrow.
