German Govt. Offloads Another 547 Bitcoins, Rejects Lawmaker’s Suggestion

The German government is currently on a no-mercy Bitcoin selling spree. As per the latest update from Arkham Intelligence, the German government has offloaded another 547 Bitcoins today from its holds. this brings the total holdings of the German government to 41,220 Bitcoins currently valued at $2.27 billion.

Bitcoin Selling Spree Continues

As per the latest information from Arkham Intelligence, the German Govt. sent these 547 bitcoins to the market maker Flow Traders, valued at $30 million. the government has also been moving its Bitcoins to different BTC wallets as well as sending them to three crypto exchanges – Kraken, Bitstamp, and Coinbase.

A day before, German lawmaker Joana Cotar slammed the government for the recent Bitcoin sell-off. She added that the recent sell-off could prove to be “counterproductive”, especially when the United States is considering holding Bitcoin as a strategic reserve asset.

She also informed prominent political figures, including Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Chancellor Olaf Scholz, about the counterproductive nature of these sales.

However, it seems that the German government has turned deaf ears to this suggestion. In the first week of July so far, the German govt. has transferred approximately 4,000 Bitcoins. this coupled with the Mt. Gox repayment has led to solid panic selling in the market. As per the on-chain data from IntoTheBlock, more than 30K Bitcoins have moved to the exchanges this week.

Nearly 30k $BTC, worth $1.73 billion entered exchanges this week. With the price declining, this influx suggests that panic sellers are offloading their assets. pic.twitter.com/vbzPsCOpif

— IntoTheBlock (@intotheblock) July 5, 2024

Is Germany Really Behind BTC Price Drop?

There is a common notion in the market currently that the German government’s Bitcoin selling has triggered this BTC price correction. Renowned Bitcoin advocate Samson Mow highlights a pattern of market suppression activities taking place over the last three days.

According to Mow, these activities typically commence around 10-11 AM in Asia and 10-11 PM in New York, suggesting a coordinated effort during overlapping hours.

Mow also commented on German BTC movements, observing that Bitcoin has returned to wallets from exchanges, which he believes indicates it’s not yet time for selling. Mow concluded saying:

“This dip seems to be some entities working together to push the Bitcoin price down timed to some BTC moving around from larger holders that will eventually disperse or dispose, triggering liquidations and more forced selling”.

For the last three days in a row, the market suppression activities started at around 10-11 AM in Asia and 10-11 PM in New York. Nice overlap time for coordination.

— Samson Mow (@Excellion) July 5, 2024

The post German Govt. Offloads Another 547 Bitcoins, Rejects Lawmaker’s Suggestion appeared first on CoinGape.