The German government has been on a Bitcoin-selling spree for about a month now. The BTC dumping, followed by Mt. Gox client repayment, has been a huge pain for crypto investors. At the beginning, the German government had 50,000 BTC. Now, they have 6,000 BTC left – an amount not worthy of huge market volatility.
Germany Nears the End of Bitcoin Dumping
According to data from Arkham Intelligence, the German Government (BKA) crypto wallet has 6.146K BTC holdings worth $350.17 million at the current Bitcoin prices. At the time of writing, Bitcoin is worth $56,950, down 2.5% in the last 24 hours.
CoinGecko 0n-chain data shows that the global crypto market cap stands at $2.21 trillion today. Also, Bitcoin’s market cap stands at $1.12 trillion, reflecting a 50.85% market dominance.
Today, the German government transferred 748.251 BTC worth $42.78 million to Cumberland DRW. The transfer came after Kraken and Bitstamp sent back 250 BTC each to the BKA wallet.
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According to Arkham Intelligence data, the German government received 4,169 bitcoins back from controlled exchanges Bitstamp, Coinbase, and Kraken 12 hours ahead of Friday.
Crypto analyst Michaël van de Poppe shared a post on X that the German Government will sell its last batch today. He adds Germany “…has sold almost all seized Bitcoin. They held $3.5B of Bitcoin (50000 $BTC) and are only left with approximately $300 million, likely to be sold today. It’s incredible that this sell pressure has been absorbed and that Bitcoin’s price is around $60K.”
On the other hand, the crypto Fear and Greed index has fallen to 25 (extreme Fear) as BTC fails to sustain support at $60,000. The Index has been on a downward spiral since it hit 90 (extreme greed) on March 5, 2024.
However, institutions remain in business. On Thursday, U.S. spot Bitcoin ETFs recorded a $78.93 million daily net inflow, marking an extended positive streak for the fifth day in a row.
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Also Read: German Government Dumps Over 2300 Bitcoin; Price Remains Steady
