German Government Moves Another $94 Million in Bitcoin, Signaling Potential Sell-Off

The German government transferred 1,500 bitcoin ($94 million) to cryptocurrency exchanges, possibly indicating plans to sell their holdings.

The German and U.S. governments seem to be continuing their crypto asset movement, potentially foreshadowing sales. According to blockchain analytics firm Arkham, both countries initiated significant cryptocurrency transactions on July 1st, following similar actions last week.

Germany transferred a total of 1,500 bitcoin (approximately $94 million) to several addresses, including those linked to Coinbase, Kraken, and Bitstamp. The data reveals two transactions sending 600 BTC and 500 BTC to unknown addresses, along with smaller transfers of 200 BTC to Bitstamp, 100 BTC to Coinbase, and another 100 BTC to Kraken.

Arkham’s data also suggests wallets associated with the U.S. government sent 3,375 ether (roughly $11.75 million) to an unidentified address. These assets originated from an account containing funds seized from Estonian entrepreneurs Sergei Potapenko and Ivan Turõgin.

These latest transactions come on the heels of similar activity by both governments last week. Currently, wallets believed to be connected to the U.S. hold a substantial amount of cryptocurrency, including approximately 213,534 bitcoin (valued at $13.42 billion) and 50,524 ether (worth roughly $175.9 million).

Germany, with its current holdings of 44,692 bitcoin (approximately $2.81 billion), ranks among the top known state holders of the cryptocurrency, according to Bitcoin Treasuries. The U.S. leads the pack, followed by China, the UK, Germany, and Ukraine.

The price of bitcoin rose 2.19% in the past 24 hours, reaching around $62,789 at the time of writing. Ether also experienced a gain of 2.71%, currently trading at $3,479 according to The Block’s price page.

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