On May 25th, the German government’s wallet sold a total of 900 BTC in three separate transactions. The first transaction of 200 BTC was sent to the Kraken exchange, while another 200 BTC was transferred to Coinbase. The third transaction involving 500 BTC was sent to an unknown wallet labeled “139bao”. The total value of the transferred tokens is approximately $54,000.
Although the identity of the wallet “139bao” is unknown, the German government has interacted with it before. They sent 500 BTC to this address on May 20th and another 500 BTC on May 19th.
According to data from Arkham Intelligence, the wallet still holds 46,359 BTC after these latest transfers.
While the German government is selling, other large investors are buying during the price dip. On May 20th, Michael Saylor’s MicroStrategy announced the purchase of an additional 800 BTC using the proceeds from a $11.931 billion convertible bond.
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Will these actions push Bitcoin below the $60,000 mark again?
Many believe that the government-tagged wallet contains over $2.843 billion worth of BTC, which could exert significant selling pressure and potentially push Bitcoin’s price below the crucial $60,000 threshold again. This contrasting behavior in the market highlights the different strategies and levels of trust among various participants in the cryptocurrency space.