German Gov’t $354M BTC sell-off: Yet more volatility incoming?

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The wallet labeled German Government (BKA) on Arkham Intelligence has loaded up 6,000 more Bitcoin worth $354 million in preparation for the next round of BTC sell-offs.

So far, 5,853.409 Bitcoin (BTC) has been sent to addresses associated with exchanges such as Coinbase, Kraken, Flow Traders and other unidentified or unconfirmed addresses.

The next attempt to offload roughly $342 million worth of BTC has begun.

Arkham Intelligence data depicting 6,000 Bitcoin (BTC) entering the wallet labeled German Government (BKA) and the outflows of those funds. Source: Arkham Intelligence

Ongoing BTC sell-off

This ongoing distribution of the 6,000 BTC follows the outflow of 3,100 BTC worth $178 million (at the time) on July 9. 

Incidentally, the address also withdrew 1,700 BTC worth $91.78 million from Bitstamp, recouping its BTC holdings and indicating an inability to off-load them on the exchange. 

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

On July 9, the holdings stood at around 26,000 BTC, worth roughly $1.5 billion, with a linked address used to off-load the funds holding 4,800 BTC.

As of July 10, the wallet’s current holdings are only around 18,110 BTC, now worth $1.06 billion — down over $400 million since July 9.

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