Germany continues to exert pressure on the cryptocurrency market by selling a large amount of Bitcoin through centralized exchanges. According to data from Arkham Intelligence, the crypto wallet of the German government (BKA) made three significant transactions to leading crypto exchanges in the past few minutes.
In the largest transaction, 600 BTC (worth $34.4 million) were deposited into Coinbase. Additionally, 200 BTC (worth $11.4 million) were directed to Kraken, and 400 BTC (worth $22.9 million) were sent to Bitstamp.
Earlier today, the BKA wallet executed several other transactions, continuing the sell-off that began last week. At the time of writing, the BKA holds $1.855 billion in Bitcoin, compared to $2.7 billion a week ago.
These events are concerning for the industry as participants panic and sell their positions, leading to price declines.
Is the goal of the German government to sell all of its BTC holdings? Or is this a strategic move to cash in on profits?
One thing is certain – this event, although relatively small compared to the overall market capitalization of Bitcoin, is significant and influences market sentiment.