On May 25th, the German government’s wallet sold over 900 bitcoins in three separate transactions. The first transaction, involving 200 BTC, was sent to the Kraken exchange, while another 200 BTC was transferred to Coinbase. The third transaction, involving 500 BTC, was sent to an unknown wallet named “139bao”. The total value of the transferred tokens is approximately $5.4 million.
Although the identity of the wallet “139bao” is unknown, the German government has interacted with it before. They sent 500 BTC to this address on April 20th, and another 500 BTC on April 19th.
According to data from Arkham Intelligence, the wallet still holds 46,359 BTC after these latest transfers.
While the German government is selling, other major investors are buying during the price dip. On May 20th, Michael Saylor’s MicroStrategy announced the purchase of an additional 800 BTC using the proceeds from a $11.931 billion convertible bond.
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Will these moves push Bitcoin below the $60,000 mark?
Many believe that the government-marked wallet contains over $2.843 billion worth of BTC, which could exert significant selling pressure and potentially push the price of Bitcoin back below the crucial $60,000 threshold.
This contrasting behavior highlights the different strategies and levels of trust among participants in the cryptocurrency market.
