The German government has made another large move on the crypto market by selling a large amount of Bitcoin. This Bitcoin transaction was monitored by Arkham, and it has caught the attention of analysts and market observers.
Also Read: German Bitcoin Liquidation: $95M BTC Sent to Exchanges
Detailed Breakdown of the Bitcoin Transfer to Exchanges and Market Makers
To make the entire situation more easily accessible, below you can see the key details of the latest German government’s Bitcoin sale:
- Total Bitcoin sold: 2,738.7 BTC
- Dollar value: $155.3 million
- Date of transaction: July 8, 2024
The Bitcoin was transferred to various exchanges and market makers. These include Kraken, Cumberland, 139Po, and Address bc1qu. It is worth noting that the 139Po transfer could involve institutional deposits or OTC services.
This transaction is the first time the German government has interacted with Cumberland and the bc1qu address. Could this be the start of a new relationship? If so, this could also involve the shift of the government’s strategy for liquidating its Bitcoin.
Also Read: Why Is the German Government Moving Bitcoin?
The timing of these transfers is also interesting, offering a few important glimpses:
- 1,533 BTC ($87.6 million) were transferred within a single hour
- The remaining difference was distributed on the same day
Considering all these aspects, we can calculate that this transaction is about 0.47% of the daily trading volume, which can have a small impact on the asset’s price.
Also Read: Ripple: Analyst Says XRP is an Asset That Can Replace the US Dollar
Arkham’s monitoring of this large-scale Bitcoin transaction makes it more obvious than ever how important blockchain trackers are. As noted in their report: “The German government address has sold $155 million worth of Bitcoin today.” Having this level of transparency enables other market participants to make informed choices based on real-time data.
This is not the first time in the last month that Germany’s government has transacted part of its BTC stock. These transactions can set the stage for a growing intersection between traditional government operations and the digital asset space.