German Government-Linked Address Unloads Massive BTC Haul Worth Half a Billion Dollars

IconCryptoNewsTerminal Staff10 Jul, 2024

cryptonews.jpg

German Government-Linked Address Unloads Massive BTC Haul Worth Half a Billion Dollars

A German government-linked address has offloaded a staggering $496 million worth of Bitcoin (BTC) in a swift 16-hour trading spree, on-chain data reveals. According to X, an on-chain data platform, the address has been engaged in a flurry of transactions, sending 10,853 BTC ($637 million) to exchanges and receiving 2,442 BTC ($141 million) in return. These transactions were executed at an average price of $58,659 for BTC sent to exchanges and $57,560 for BTC received. The address is currently holding 15,552 BTC, equivalent to $894 million, which represents 31% of the total Bitcoin seized from the infamous movie piracy site Movie2k.to in January. Market observers are closely monitoring the situation, speculating about the reasons behind the sudden sale and its potential impact on the cryptocurrency market.

Related News