As a seasoned crypto investor with a keen interest in following the news and market trends, I find the recent activity of the German Federal Criminal Office (BKA) selling off its bitcoin holdings quite noteworthy. With over $362 million worth of assets moved out of their wallets in one go, the market has been facing immense selling pressure from this large transaction.
On July 9, the German Federal Criminal Office, or Bundeskriminalamt (BKA), transferred an additional $362 million in bitcoin. With this transaction, they now hold approximately $1.3 billion worth of the cryptocurrency. It is expected that they will continue to sell off their bitcoin holdings, down to the last Satoshi.
As a crypto investor following the latest news, I’ve come across an intriguing update from Arkham Intelligence on X social media platform. They highlighted the German Government’s recent Bitcoin transaction, mentioning, “The German Government has sold up to 6306.9 BTC ($362.12M) today.”
The price of Bitcoin has decreased significantly over the last month as a result of BKA’s wallet repeatedly selling large amounts, causing increased market pressure. Consequently, Bitcoin’s value dipped below $60,000 several days ago and has yet to recover. It is predicted that Bitcoin’s price will continue to decline due to this continuous selling. However, it’s important to note that July has historically been a profitable month for Bitcoin investors, with the asset typically posting approximately 9% growth each year.
The wallet identified with the label BKA transferred $55 million to Kraken and $6 million to Cumberland, a Chicago-based liquidity provider. Additionally, an unmarked wallet received approximately $287.07 million worth of bitcoins, or 5,000 coins, with the address 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu. It is believed that this unlabeled wallet represents an OTC institutional service based on Arkham’s analysis. Meanwhile, the BKA wallet also received approximately 1,700 bitcoins from Bitstamp and over 1,900 bitcoins from Kraken.
As a researcher studying the cryptocurrency market, I’ve noticed that the German government’s decision to transfer large amounts of bitcoin caused significant resistance to the price in late June. In early July, the bitcoin price dropped below $60,000 following this news. This occurred after the wallet moved approximately $172 million in bitcoin and Mt. Gox initiated its repayment process. A German legislator even called on the government to keep these assets to diversify their reserves.
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2024-07-10 19:48