In a series of transactions, the German government has reduced its Bitcoin holdings, losing its status as a “Bitcoin billionaire” in the process.
According to data from Arkham, the government has kept offloading a large amount of Bitcoin.
The German Government lost its “Bitcoin billionaire” status today.
In the past hour, they have sent another 2000 BTC ($117.3M) to Coinbase, Kraken and 139Po.
They now have 13,360 BTC ($784.96M) remaining – that’s 26.8% of the Bitcoin originally seized from Movie2k. pic.twitter.com/ZbA2wuzQhi
— Arkham (@ArkhamIntel) July 10, 2024
Over the past few hours, the German government has orchestrated a substantial sale of its Bitcoin holdings. An initial 2,000 BTC ($117.3 million) was sent to Coinbase, Kraken, and an address labeled 139Po.
This was followed by a more significant transfer of 5,103.5 BTC ($299.85 million) distributed among Kraken, Cumberland, Flow Traders, Coinbase, 139Po, and an unknown address.
An additional 750 BTC was sent to 139Po, likely for institutional deposit or over-the-counter (OTC) trading.
The final move transferred 3,000 BTC ($176.26 million) to Flow Traders.
These transactions total over 8,000 BTC, worth approximately $593 million at current prices. These sales have left the German government with just 13,360 BTC ($784.96 million) remaining. The holdings now account for 26.8% of the Bitcoin initially seized from the Movie2k piracy case.
While the government keeps dumping Bitcoin, the price of BTC has shown better resilience. According to the latest data, Bitcoin has reclaimed the $58,000 level. The crypto market cap has also increased in the last 24 hours.
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