The German government is set to sell $354 million worth of Bitcoin, having already sent over 5,853 BTC to exchanges like Coinbase and Kraken.
The wallet labeled German Government on Arkham Intelligence has loaded up 6,000 more Bitcoin worth $354 million in preparation for the next round of BTC sell-offs.) has been sent to addresses associated with exchanges such as Coinbase, Kraken, Flow Traders and other unidentified or unconfirmed addresses.Arkham Intelligence data depicting 6,000 Bitcoin entering the wallet labeled German Government and the outflows of those funds.
Incidentally, the address also withdrew 1,700 BTC worth $91.78 million from Bitstamp, recouping its BTC holdings and indicating an inability to off-load them on the exchange.On July 9, the holdings stood at around 26,000 BTC, worth roughly $1.5 billion, with a linked address used to off-load the funds holding 4,800 BTC.
As of July 10, the wallet’s current holdings are only around 18,110 BTC, now worth $1.06 billion — down over $400 million since July 9.3 reasons why Ethereum price continues to underperform against BTC in 2024
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