German government offloads additional 1,500 BTC

exchange68September 10, 2024

0 0 1 minute read

Quick Take

According to Lookonchain, utilizing data from Arkham Intelligence, the German government has offloaded an additional 1,500 BTC, valued at $94.7 million, on July 1.

Out of these 1,500 BTC, 400 BTC have been moved to major exchanges such as Bitstamp, Kraken, and Coinbase. This activity forms part of a broader trend, as the German government currently holds 44,692 BTC ($2.82 billion) and has been gradually offloading its Bitcoin holdings.

German Government Transfers: (Source: Arkham Intelligence) — Screengrab showing Bitcoin transfers coming from the German government on July 1, 2024 (Source: Lookonchain / Arkham Intelligence)

This transfer continues the sell-off initiated last week, reflecting the government’s strategic move to reduce its Bitcoin reserves.

The exact reasons behind these sell-offs remain unclear, but they are likely intended to raise capital to fund operations.

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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