According to blockchain data analysis firm Arkham Intelligence, the German government has transferred approximately $155.3 million worth of Bitcoin to various exchanges, including Bitstamp, Kraken, and Coinbase, in significant cryptocurrency transactions.
The transactions, which occurred over several days, have caused people to be concerned about how they might affect the market and what the government plans to do with its cryptocurrency stocks.
On June 19, the German government sent $425 million worth of Bitcoin to platforms. On June 20, they sent another $130 million; on June 21, they sent another $65 million. The government has sent about $155.3 million worth of Bitcoin to platforms.
German Government’s Bitcoin Transfers Stir Market Speculation
According to DecentraSuze, a crypto user, the German government transferred 1,500 more Bitcoins worth $95 million to exchanges on July 1. The tweet also mentioned that the government had previously bought back Bitcoin, but this information was later corrected.
The German government’s activities have led the cryptocurrency community to wonder how such large-scale transactions might affect the market. Several experts express concern that the government’s selling could cause the price of Bitcoin to drop, while others think that the market is open enough to handle the sales without significant price changes.
In addition to the transfers to exchanges, the German government has also moved Bitcoin to other wallets. On July 4, it transferred 13,475 Bitcoins to another wallet tagged as “German Government,” according to a tweet by RichCao_ETH.
The German government owns cryptocurrencies because it took nearly 50,000 Bitcoins from the operators of a movie piracy website in 2013. The suspects sent the Bitcoin to the government in a “voluntary transfer” mid-January.
The German government still has about 41,000 Bitcoins worth about $2.27 billion. The cryptocurrency community is still interested in and debating what the government is doing and planning to do with its cryptocurrency stocks.
