The German government transferred over 3,000 BTC in just one hour. The transactions t sparked further protests from MPs to halt the sell-off and protect the country from the risks associated with the traditional financial system. How did the German government’s subsequent transactions affect the bitcoin price?
German government in bearish mood. Another BTC transfer
Last week, the German government began selling off its BTC, as reported by the Arkham Intelligence community. It turned out that this sale was not just an isolated incident, as wallets marked as German government property began making more transactions. On Monday, July 8, the German government moved another 3,000 BTC in just one hour. This brought the total amount of BTC moved in the last 24 hours to almost five figures.
The transactions continue the sell-off trend in bitcoin, although members of parliament like German MP and activist Joana Cotar have been vocal in calling for a halt to the sales. Cotar called on the government to stop the “hasty sell-off of state-owned BTC” and instead adopt a “strategic reserve currency” to hedge against the risks of the traditional financial system. On the same day, the German government sold $172 million worth of BTC!
Sales pressure not only from the German government
Bearish sentiment has dominated the cryptocurrency markets since last week. BTC has been the biggest loser, down 9.5% over the week to $55,627 at the time of writing. It is worth noting that the selling pressure is not only caused by the German government’s transaction decisions.
Last week, the collapsed Mt. Gox exchange decided to start repaying its debts in BTC and BTC Cash. Mt. Gox repayment trustee Nobuaki Kobayashi stated in an official statement that repayments will begin “in accordance with the Rehabilitation Plan.” According to a post by MtGoxBalanceBot on X, the total amount of BTC held by the trustee’s known addresses was over 94,400 BTC. This means that BTC will be available for purchase at a promotional price.
