A cryptocurrency wallet linked to the German Government (BKA) has recently sold approximately $52 million worth of Bitcoin, prompting speculation about potential divestment from its substantial Bitcoin reserves.
On July 2nd, the wallet associated with the German government conducted four separate transactions totaling 832.7 Bitcoin (BTC). Notably, 100 BTC was transferred to Coinbase, 150 BTC to Bitstamp, and more than 32 BTC to Kraken, as reported by Arkham Intelligence.
The largest portion, 550 BTC valued at over $32 million, was sent to the wallet address “139Po,” whose ownership remains undisclosed but has previously received funds from the German government, including 500 BTC on June 25th and 800 BTC on June 20th.
Monitoring the selling activities of major Bitcoin holders provides valuable insights for investors, as significant sell-offs can exert downward pressure on Bitcoin prices.
The BKA-labeled wallet, holding a substantial 43,850 BTC valued at approximately $2.75 billion, could potentially influence Bitcoin’s market dynamics with increased selling pressure.
Bitcoin’s price has experienced a downward trend since early June, declining by 7.3% over the past month. It briefly bottomed above $58,450 on June 24th before rebounding above the current $62,000 mark, according to Bitstamp data.
Bitcoin has garnered strong support around the $61,500 level, although a drop below this could trigger liquidations exceeding $1 billion in leveraged long positions across various exchanges, as per Coinglass data.
Besides the notable $32 million transfer, the remaining Bitcoin was sent to centralized exchanges, suggesting Germany’s government may be actively considering further Bitcoin sales.
Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comments on these developments.
The German government-affiliated wallet initially drew attention to potential Bitcoin divestment on June 19th, with a transfer of 6,500 BTC worth over $425 million. Prior to this transaction, the wallet had held nearly 50,000 BTC since February 2024, believed to have been seized from the operator of the pirated movie website Movie2k.
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