German Government Distributes Over 3,400 BTC to Several Exchanges and Wallets

While the price of Bitcoin (BTC) experiences a downward trend today July 12, the German government intensifies its sell-offs as it moves a staggering 3,400 BTC to three different exchanges and several crypto wallets.

Ignoring the outcry of market participants, the German government continues to dump large amounts of Bitcoin, igniting bearish sentiment across the market. Consequently, investors’ confidence has dropped to an 18-month low of ‘extreme fear,’ as noted by the crypto fear and greed index. At the time of writing, the figure rests at ’25,’ a point not seen since the FTX crash in December 2022.

German Govt Continues Massive Dump

Arkham Intelligence reported the substantial transfer by the government agency earlier today. According to the data provided, the German Central Criminal Investigation Agency (BKA) shifted a total of 3,400 BTC in the last 5 hours. 400 Bitcoins, valued at $22.90 million, were sent to the US-based crypto exchanges Coinbase and Kraken, and another 400 BTC were sent to the Luxembourg-based exchange Bitstamp.

Simultaneously, 1,000 BTC, worth $57.26 million was sent to the B2C2-associated wallet ‘139Po…ybVu.’ This wallet has received thousands of BTC in the past few weeks. Also, 500 BTC, valued at approximately $28.63 million, was sent to an unknown wallet labeled ‘bc1q.’ Finally, 748.251 Bitcoins, worth $42.78 million were sent to Cumberland DRW.

Following this, the German government now holds a total of 6,146 BTC, worth approximately $351.74 million. Notably, 250 BTC (worth 14.27 million) were also sent each from Bitstamp and Kraken exchanges.

The large Bitcoin sell-off began in mid-June. At the time, the German government held about 50,000 BTC in its wallet. Since then, it has disposed of almost all the coins remaining only a fraction of what it held in the beginning. To try to mitigate the impact of the dump on the market, Tron founder, Justin Sun, proposed to buy all the remaining Bitcoins off-market, but no reply has been heard since his request.

The price of Bitcoin has suffered heavily due to this. Data from CoinMarketCap shows that the price of Bitcoin has dropped by 15.46% in the last 30 days. At press time, BTC continues to trade below $60k, at $57,343, representing a 2.10% decline in the last 24 hours.