The German government has offloaded 1000 more Bitcoin, ushering in crypto Monday blues. According to Arkham Intelligence on-chain data, the German government has moved 1,200 BTC within the last 3 hours.
The crypto market had a red weekend, and today’s BTC offloading does not help stabilize the volatile market. Friday, the closing markets in the US saw BTC shed more than 9% of its market share.
Germany continues offloading BTC
At the time of this writing, Bitcoin (BTC) is worth $57,879, a 0.3% increase in the last 24 hours. However, BTC is 8.0% lower than its value seven days ago. As of today, BTC’s market cap sits at $1.14 Trillion, representing a 51.15% market dominance.
Arkham Intelligence data shows that Germany has moved BTC worth $76,496,552 at the current market price ( $57,879). About four hours ago, the German-linked BTC wallet moved 1000 BTC worth $57,879,000 to Coinbase, Bitstamp, and wallet addresses beginning with 139Po…ybVu, which is also a Coinbase wallet.
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An hour ago, the same wallet moved 206 BTC worth $11,923,074. The recent transfers are part of the government’s plan to offload seized BTC. In the last 20 days since June 19, Germany has moved a total of 11,238.3 BTC, valued at approximately $670 million.
Germany offloads 133 BTC to Cumberland DRW
Cumberland DRW has become the latest beneficiary of Germany’s BTC sales. The government has moved 133.722 BTC worth $7.63 million, a portion of the 3000 BTC moved an hour ago.
Arkham Intelligence’s on-chain data shows the German-linked BTC wallet has yet to send the remaining 2,866.722 from the batch. With the government now sending funds to Cumberland DRW, which specializes in institutional liquidation, will certainly raise red alerts in the market.
Accounting for the recent transfers, the German government still holds about 39,610 BTC, worth an estimated $2.23 billion. Mt. Gox and Germany’s BTC crypto moves have triggered what many fear could be the next crypto winter after the collapse of FTX.
The global crypto market cap stands at $2.23 Trillion. Last week alone, the government moved 7,970 BTC worth more than $460 million. At one point, the founder of Tron, Justin Sun offered to buy BTC from Germany to stop further BTC decline.
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