German gov’t prepares for next $276M BTC sell-off

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The German government has continued its Bitcoin off-loading pattern after sending out roughly 3,100 BTC worth around $178 million in the span of an hour.

Within the same span of time, the government also withdrew roughly 1,700 Bitcoin (BTC) worth around $91.78 million from Bitstamp, recouping BTC holdings from the exchange.

While writing, the German government has also shifted a further 3,107 BTC out of its main holdings, likely preparing for a further sell-off in today’s market.

The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to off-load holdings currently holds 4,800 BTC worth $276.61 million.

Related: Weekend Wrap: Germany moves $80M more BTC, Vitalik donates 100 ETH and more

German government sell-off continues

In the last two hours, there has been a total outflow of 3,100 BTC, of which 2,500 were sent to an unknown B2C2 Group, 400 BTC to centralized exchange Kraken, and the remaining 200 to an unknown wallet.

The German government sold a further $900 million worth of BTC on July 8, suggesting plans to continue steadily selling off the remaining $1.5 billion in BTC holdings.

That same 16,309 BTC sold is now worth over $930 million despite the mass sell-off, suggesting that buyers are still confident about buying BTC in this price range.

Related: German gov’t shifts additional 3K BTC in 1 hour

This is a developing story, and further information will be added as it becomes available.


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