German Government Moves 3877 BTC to Exchanges and Market Maker

IconCryptoNewsTerminal Staff10 Jul, 2024

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German Government Moves 3877 BTC to Exchanges and Market Maker

29 minutes ago, 3877 BTC ($226 million) was transferred from a German government address. The funds were split into four separate transactions: 500 BTC($29 million) to Coinbase, 750 BTC($44 million) to Kraken, 1500 BTC($88 million) to B2C2, and 1127 BTC($65 million) to Flow Traders. Reasons for the transfer remain unclear. However, the German government has previously sold off its Bitcoin holdings. In 2018, the government sold 6,600 BTC to cover costs associated with a new IT system. This latest transfer suggests that the German government is continuing to liquidate its Bitcoin holdings. It is unclear whether this is due to a change in policy or simply a need to raise funds. Regardless of the reason, the transfer of such a large amount of Bitcoin is likely to have an impact on the market. The sale of 3877 BTC could put downward pressure on the price of Bitcoin in the short term. The German government has not commented on the transfer.

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