On May 25th, the German government’s wallet sold a total of 900 Bitcoin tokens in three separate transactions.
The first transaction, consisting of 200 BTC, was sent to the Kraken exchange, and another 200 BTC were transferred to Coinbase. The third transaction, involving 500 BTC, was directed to an unknown wallet identified as “139bao.” The total value of the transferred tokens amounts to approximately $54 million.
Although the “139bao” wallet remains unidentified, the German government has previously interacted with it. They sent 800 BTC to this address on June 20th and another 500 BTC on June 19th.
After these latest transfers, the wallet still holds 46,359 BTC, based on data from Arkham Intelligence.
Despite the government’s sell-off, other major investors are buying during price dips.
On June 20th, MicroStrategy, led by Michael Saylor, announced the purchase of an additional 11,931 BTC using proceeds from a $800 million convertible bond offering.
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Could the government actions and transfers push Bitcoin below the $60,000 mark?
The government-marked wallet, containing over $2.843 billion in BTC, is seen by many as having the potential to exert significant selling pressure, potentially driving the price of Bitcoin back below the critical threshold of $60,000.
This contrasting behavior underscores the diverse strategies and levels of confidence among different types of participants within the cryptocurrency market.
