The German government has accelerated its Bitcoin (BTC) sell-off, transferring over 16,000 BTC to crypto exchanges and market makers on Monday, July 8.

German Government Moves 16,000 BTC in Single Day

On-chain data indicates that German government wallets transferred $155 million worth of BTC to multiple exchanges after an initial smaller dump of 2,700 BTC earlier in the day. This significant movement led to a price drop from above $57,000 to just under $56,000.

Within hours, these wallets sent an additional 8,100 BTC, valued at over $463 million, to various crypto exchanges. According to blockchain security firm Arkham, the total for the day reached over 16,000 BTC, marking the largest single-day sell-off by the German government.

Arkham noted, “The German Government sent another 5,200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase, and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total.”

Per on-chain data, another notable transfer was 2,738.7 BTC sent to exchanges and market makers, including Kraken and 139Po.

German Government Still Holds Over 23,000 BTC

According to Arkham, these latest BTC transfers included interactions with Cumberland and the address bc1qu. The prolific selling has significantly reduced the German government’s Bitcoin holdings over the past few weeks.

From 50,000 BTC seized earlier this year, on-chain data shows Germany’s current BTC holdings stand at around 23,787 BTC. The value of these holdings has fallen from over $3 billion to approximately $1.35 billion today. These bitcoins were seized from the pirated movie site Movie2k.

The Bitcoin price is currently down 1.3% in the past 24 hours, trading around $56,152. Over the past week, BTC price has dropped more than 10%, influenced by both the government selling and Mt.Gox repayments.

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