Bitcoin seizure unveiled by German police tops $2 billion

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German Govt. Dumps Another 832 BTC, 13% Bitcoin Holdings Eroded – Crypto News

Published

2 years ago

July 2, 2024

Dripp

The German government has been on an unstoppable spree of liquidating its Bitcoin holdings. As per the latest information on Arkham Intelligence, the German government has transferred a total of 832 Bitcoins worth $50 million in the last hour.

German Government Moves Bitcoins to Top Exchanges

Out of the 832 Bitcoins transferred, the German government moved a total of 282 Bitcoins to the top three crypto exchanges – Bitstamp, Coinbase, and Kraken. In addition to this, the German government has also sent an additional 550 Bitcoins to 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu, which is supposedly another Coinbase wallet. This development comes a day after the German govt. moved 400 BTC to these exchanges on Monday, July 1.

As of now, the German government holds a total of 43,859 Bitcoins. Before the German government started divesting its Bitcoins last month on June 18, it was holding a total of 50,000 BTC seized from the pirated movie site operators in early January.

Collecting over the last 10 days, the German government has liquidated more than 5,000 Bitcoins or 10% of its holdings. Despite the current sell-off, the government still holds $2.74 billion worth of Bitcoins as per Arkham. The motive behind the recent sell-off by the government is still not clear.

Along with the German government, the US government also sold a very small part of its Bitcoin holdings three days before. Although this transaction was speculated to be a test transaction before the major move, we have not seen any such development regarding Bitcoin transfers by the US govt. thereafter.

Also Read: US Govt Moves $12M Ethereum, Is Bitcoin-Style Selloff Incoming?

BTC In Reaccumulation?

While the German government is selling its BTC every day, the BTC price continues to be under pressure and is currently trading at $62,442 with a market cap of $1.231 trillion.

According to CryptoQuant analyst Onchain Edge, the current BTC price chart matches the Wyckoff reaccumulation phase, showcasing a clear consolidation range from recent price movements.

The key features of this pattern include the price oscillating between horizontal support at approximately $57,178 and resistance around $71,587. This sideways movement is indicative of the typical reaccumulation phase in the Wyckoff methodology.