German Bitcoin Wallets Drop Below 40,000 BTC, Worth $3 Trillion

The German government continues to sell seized Bitcoin. The latest sale was worth USD 175 million or around IDR 2.8 trillion in BTC on July 4, 204. Information about the Bitcoin sale was revealed by blockchain intelligence company Arkham.

The German government sold up to USD 175 million worth of BTC,” Arkham said on the social media platform X, quoted from News.bitcoin.com, Saturday (6/7/2024).

“In the last 2 hours the German government has moved 1,300 BTC (USD 76 million) to exchange deposits on Kraken, Bitstamp, and Coinbase. They also moved 1,700 BTC (USD 99 million) to the 139Po address. These funds are most likely being moved to deposits for institutional or OTC services,” Arkham explained.

Germany reportedly still holds 40,359 BTC or approximately USD 2.3 billion in on-chain tagged addresses.

Amid the German government's Bitcoin sale and anticipation of Mt. Gox's distribution of BTC to creditors this month.

Bitcoin prices are under pressure. BTC has fallen 4% in the past day and more than 6% over the past week, dropping below $57,000 on Monday.

Data from Arkham Intelligence shows Mt. Gox wallets are generating dust or test transfers. While the Mt. Gox Trustee indicated that distributions would begin in July, no specific date has been given.

In response to the German government's Bitcoin sale, Tron founder Justin Sun announced that HIS PARTY is ready to buy the remaining BTC outside the market. “I am willing to negotiate with the German government to buy all BTC outside the market to minimize the impact on the market,” Sun said on X.

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