German Government Now Has Only 9K Bitcoin Left to Offload

Published: Jul 12, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

After a few weeks of back-to-back selling, the German government now has only around 9094 Bitcoin left in its wallet.

Key points:

  • German government now only holds 9094 BTC.
  • The value of the current holdings stands at around $519 million.
  • German government hasn’t moved any Bitcoin in the last 13 hours.
  • At the current pace, the government will exhaust its BTC holdings in less than a few days.

According to Arkham data, the current value of their BTC holdings stands at around $519 million. The last few outflows happened over 14 hours ago.Ā 

The German wallet moved a total of 5000 BTC in a series of six transactions. The Bitcoin was moved to Kraken, Coinbase, Bitstamp, Flow Traders and two other wallets.

Source: Arkham

Also read: SEC Drops Paxos Investigation: Major Win For Stablecoins

German government could run out of Bitcoin in a few days

According to the pace of offloading that we see from the government, the wallet is likely to empty in 2ā€“3 days.

While the government sent BTC to exchanges, the wallet also received 900 Bitcoin from Bitstamp nine hours ago. Coinbase and Kraken also sent 438 BTC and 250 BTC, respectively.

The German government has been on a selling spree. The FUD around the massive offloading had also pulled the price of Bitcoin down to as low as $54,000.

Also read: US Inflation Drops To 3%, Crypto Market Turns Green

However, as the UPI inflation data showed a lower than expected rate of 3%, the crypto market showed a relief rally.

Bitcoin touched as high as $59,000 before falling to its current price of $57,200. Ethereum was no exception, as it reclaimed the $3,200 level for a brief period of time.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.