German Government's Bitcoin Fire Sale Continues, Dumping $637 Million BTC Today

German Government's Bitcoin Fire Sale Continues, Dumping $637 Million BTC Today

Today, the German government continued its massive Bitcoin (BTC) fire sale, transferring a whopping 10,853.5 BTC (worth approximately $637 million) to exchanges and market makers. This latest move brings the total amount of BTC sold by the German government since June 19th to an astonishing 36,748.4 BTC. According to on-chain cryptocurrency analyst EmberCN, the German government is likely to clear out all of its remaining BTC holdings this week. This means that the government could dump even more BTC on the market in the coming days, putting further downward pressure on the price. The German government's Bitcoin sales have been a major topic of discussion in the cryptocurrency community. Some analysts believe that the government is selling its BTC because it believes the price is too high and is looking to cash out its profits. Others speculate that the government is selling its BTC to raise funds for other projects. Whatever the reason, the German government's Bitcoin sales are having a significant impact on the market. The price of BTC has fallen by more than 50% since the government began selling its holdings. This has led to fears that the government's actions could trigger a broader sell-off in the cryptocurrency market. Only time will tell what the long-term impact of the German government's Bitcoin sales will be. However, it is clear that the government's actions are having a major impact on the market and are likely to continue to do so in the coming weeks and months.