El Salvador’s daily buys poised to outpace German Bitcoin stash

exchange68September 10, 2024

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Quick Take

According to Arkham Intelligence, the German government continues its strategy of offloading Bitcoin.

Currently, the German government holds 6,894 BTC, valued at approximately $394.50 million. This figure represents 13.8% of the total Bitcoin initially seized by the government. On July 12, Germany sold an additional 2,700 BTC worth $154.60 million, directing these funds to major exchanges and institutional deposit/OTC services.

German Government Transactions: (Source: Arkham Intelligence)

Meanwhile, El Salvador’s daily Bitcoin purchasing strategy persists, acquiring 1 BTC daily. El Salvador’s holdings have now reached 5,808 BTC, according to Glassnode. If the German government continues selling Bitcoin, El Salvador is poised to surpass Germany in Bitcoin holdings with just one more sell-off.

El Salvador vs German Government BTC Balance: (Source: Glassnode)

Analyst

James Van Straten

Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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