Key Points
- The German Government sent more BTC on July 10 to Kraken, Coinbase, and other addresses.
- Multiple selling has led to the loss of its "Bitcoin billionaire" status.
The German Government has been selling its Bitcoin holdings lately, triggering price volatility for the coin.
Today, according to the latest reports from Arkham, they sent a total of 2,000 BTC worth about $116 million at current prices in the past hour.
The funds were sent to Coinbase, Kraken, and the address 139Po.
According to data from Arkham, the German Government now has 13,360 BTC worth about $775 million. They note that this translates into 26.8% of the Bitcoin originally seized from Movie2k.
Earlier today, the German Government sent another 3,000 BTC worth around $174 million to Flow Traders according to the same reports.
German Government Loses Its "Bitcoin Billionaire" Status
Arkham Intelligence highlighted that the German Government lost its "Bitcoin Billionaire" status today after the latest transfers.
Amidst multiple concerns regarding the price volatility of Bitcoin during the past few weeks due to factors including governmental selling, the CEO and founder of on-chain analytics platform CryptoQuant, Ki Young Ju, said that these sales are negligible compared to the overall market liquidity.
In other words, he suggested that market reactions have a psychological nature, more than a fundamental one.
Bitcoin Market Overview
Referring to the market overview of the current Bitcoin demand and supply, Bitcoin on-chain analyst Willy Woo, shared a post on X on July 9.
He included the latest governmental sales of Bitcoin among the factors that shape the current Bitcoin demand and supply along with miners, Bitcoin ETFs, and futures.
Regarding Bitcoin's price today, at the moment of writing this article, BTC is trading above $58,000, up by 2% in the past 24 hours.
Earlier today, the coin reached levels of $59,400, according to data from CMC.
Despite the recent volatility in BTC's price, Bitcoin ETF issuers continue accumulating BTC, with the crypto products seeing $216 million in inflows on July 9, marking the third consecutive day of inflows.
