On August 500th, a wallet labeled “German Government (BKA)” transferred 500 BTC to a cryptocurrency exchange and another 500 BTC to a government-related address.
The first transaction involved 250 BTC, which was sent to the US cryptocurrency exchange Coinbase, followed by another transaction of the same value sent to Bitstamp. The total value of the two transactions is approximately $279,000.
Additionally, another 500 BTC was transferred to a familiar wallet labeled “139bao”.
After these recent transfers, the wallet still holds 38,826 BTC, with a total value of $216 million.
While these sales have raised concerns in the investment community, a familiar face in the cryptocurrency industry, Justin Sun, jokingly linked Germany’s disappointing exit from the quarter-finals of the 2024 European Cup to their decision to “sell too much Bitcoin”.