Tron founder Justin Sun has publicly offered to negotiate with the German government to purchase their entire Bitcoin holdings off-market. This proposal comes in response to Germany’s recent large-scale Bitcoin sell-off.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
According to blockchain analytics firm Arkham, the German government has been actively moving substantial amounts of Bitcoin in the past few hours.
They transferred 1,300 BTC (approximately $76 million) to exchange deposits at Kraken, Bitstamp, and Coinbase. Additionally, 1,700 BTC ($99 million) was moved to an address labeled “139Po.”
This large movement of funds has coincided with a sharp decline in Bitcoin’s price. After reaching $63,000 on July 1, BTC has plummeted to as low as $57,000 in the last 24 hours.
The sell-off pressure from Germany, combined with the anticipated Mt. Gox Bitcoin distribution, has weighed heavily on market sentiment.
Justin Sun’s offer to purchase the German government’s Bitcoin holdings off-market is seen as an attempt to mitigate the negative impact on Bitcoin’s price.
By proposing an off-market deal, Sun aims to prevent further downward pressure that could result from large-scale selling on public exchanges.
Despite the recent sales, the German government still holds 40,359 BTC (valued at $2.3 billion).
The German Government still holds 40,359 BTC ($2.3B) in tagged addresses on-chain.
Track the German Government on Arkham:https://t.co/ePjzPDKmos
— Arkham (@ArkhamIntel) July 4, 2024
However, it is unclear at the moment whether the German government will be willing to accept Sun’s offer to strike a deal. Until a deal is made, the selling pressure will likely be reflected in the price of Bitcoin.
Also Read: German Government Dumps 1300 Bitcoin, Holds 40,359 BTC