BTC

German Government Transfers Over 3,000 BTC in Rapid Transactions

by BSC News

July 8, 2024

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The transactions coincide with developments from Mt. Gox and significant investor activity, underscoring dynamic shifts in global cryptocurrency markets.

The German government has executed a series of transactions transferring over 3,000 Bitcoin within the span of just one hour, according to Arkham Intelligence data.

These transactions add to the ongoing trend of Bitcoin sell-offs initiated by the German authorities, despite calls from prominent figures within the country, like lawmaker and BTC advocate Joana Cotar, urging restraint.

 

The recent Bitcoin transfers include:

 

  • 133.722 BTC to market maker Cumberland DRW

  • 150 BTC to Kraken

  • 600 BTC split between Coinbase and Bitstamp (300 BTC each)

  • 1,000 BTC to the B2C2 Group

  • 1,000 BTC to market maker Flow Traders

  • 250 BTC to an undisclosed address

Over the past 24 hours, the German government has seen significant movement of over 6,000 BTC, with a substantial portion shifted out of their wallets. Currently, their address holds approximately 35,488 BTC, valued at over $2 billion, despite the recent outflows.

Market Dynamics and Mt. Gox Developments

Mt. Gox's bankruptcy trustee's recent announcements have added to market pressures. Nobuaki Kobayashi confirmed the commencement of repayments in line with the Rehabilitation Plan, potentially influencing market sentiment further.

 

While some, including Ki Young Ju of CryptoQuant, have downplayed the impact of state sell-offs since the recent bull market began. According to Young Ju, government sales of bitcoin are minimal compared to overall inflows.

 

There is less than $10 billion in funds that could technically be sold by governments, compared to nearly $250 billion in inflows since the latest bull market began.

 

Amidst this, Metaplanet, a Japanese investment firm, has announced increased Bitcoin investments despite market fluctuations, highlighting ongoing confidence in digital assets.

 

Further, a recent report from CoinShares highlighted a significant buying opportunity in digital asset investment products, with inflows totaling $441 million in the past week, including substantial investments in Bitcoin. 

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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