The German government which has been a source of serious concern for the crypto industry due to its on-chain activity is currently left with $582 million worth of Bitcoin after shedding over 80% of its Bitcoin assets.
The German government has been seriously selling a big cache of Bitcoin assets in recent weeks, adding to the selling pressure on Bitcoin and causing the principal asset to lose more than 20% of its value in the previous month.
The German government’s selling frenzy has depressed the markets and created headlines in the business, as experts speculate on the impact of whales on asset prices.
For the past few weeks, a wallet linked to the German Federal Criminal Police Office, often known as the Bundeskriminalamt (BKA), has been selling substantial quantities of Bitcoin that it seized from a popular movie piracy site in Germany.
For the past few weeks, a wallet linked to the German Federal Criminal Police Office, often known as the Bundeskriminalamt (BKA), has been selling enormous quantities of Bitcoin confiscated from a popular movie pirate site in Germany.
This week, the German-linked wallet sold 2,739 BTC, totaling $155 million.
On Wednesday, the German government sold over 5,000 BTC, leaving approximately 15,552 BTC in its holdings, valued at $892 million.
Arkham intelligence data suggests that the German government now owns $582 million in Bitcoin after selling some of it today.
This means that the German government has released more than 80% of the bitcoin assets confiscated from Movie 2k.
Bitcoin, the principal cryptocurrency asset, has recently experienced significant selling pressure, causing it to lose part of its value. However, the asset’s price has remained above the important $50,000 six-month support level. Bitcoin’s small resilience is being driven by the operations of other significant industry participants.
Blackrock, one of the largest financial institutions in the world which also operates the biggest Bitcoin Exchange Traded Funds has been buying the crypto asset and increasing its holding of the asset. This has gone a long way in stabilizing the price of Bitcoin and cushioning the effect of the sell-offs by the German government.
Blackrock’s IBIT showed an inflow of $121 million on July 10th and $22 million today. The corporation has a total BTC asset holding of approximately 312,565 BTC worth more than $18 billion, according to Farside UK data.
Several Bitcoin ETFs received $147.4 million in institutional investments yesterday, indicating that demand for the asset remains strong despite the German government’s actions.
According to Coingecko, Bitcoin is presently trading for $58,000 at the time of this writing, up 2.0% in the past 24 hours and 2.4% in the last week.
