Germany continues to exert pressure on the cryptocurrency market by selling a large amount of Bitcoin through centralized exchanges. According to Arkham Intelligence, the crypto portfolio of the German government (BKA) made three significant transactions to leading crypto exchanges in the last few minutes.
In the largest transaction, 600 BTC (worth $34.4 million) was deposited into Coinbase. Additionally, 200 BTC (worth $11.4 million) were directed to Kraken, and 400 BTC (worth $22.9 million) were sent to Bitstamp.
Earlier today, the BKA portfolio executed several other transactions, continuing the sell-off that started last week. At the time of writing this article, the BKA holds $1.855 billion in Bitcoin, compared to $2.7 billion a week ago.
These events are concerning for the industry as participants panic and sell their positions, leading to price declines. Is the goal of the German government to sell all its BTC holdings? Or is this a strategic move to trim profits?
One thing is certain – this event, although relatively small compared to the overall market capitalization of Bitcoin, is significant and influences user sentiments.