According to Lookonchain, using data from Arkham Intelligence, the German government sold an additional 1,500 BTC on July 1st, valued at $94.7 million.
Out of these 1,500 BTC, 400 BTC were moved to major exchanges like Bitstamp, Kraken, and Coinbase. This action is part of a broader trend as the German government currently holds 44,692 BTC worth $2.82 billion and has been gradually selling off its Bitcoin holdings.
Image: Bitcoin transfers from the German government on July 1, 2024 (Source: Lookonchain / Arkham Intelligence)
This transfer continues the sell-off that began last week, reflecting the government’s strategic move to reduce its Bitcoin reserves.
The exact reasons for these sell-offs remain unclear, but they likely aim to raise capital for funding operations.
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