Germany Loses Its Bitcoin Billionaire Status After Moving Over 15,000 BTC to Centralized Exchanges and External Wallets

According to Arkham Intelligence, the German government's address now has less than 10,000 BTC worth $580 million.

Germany is no longer a Bitcoin billionaire after its latest BTC transfers to centralized exchanges and external wallets. The German government’s address now has less than 10,000 BTC, valued at $580 million, according to Arkham Intelligence.

Also Read: Bitcoin Poised for Breakout Despite Selling Pressure from Germany Gov’t

The German authorities have moved over 10,000 BTC in total in the last 48 hours in an apparent attempt to sell off its entire holdings. However, the market seems to be adjusting to the sales as it did not affect the BTC price, which rose by 2% in the last 24 hours.

Germany Moves Over 15,000 BTC

Recent transactions from an address labeled “German government (BKA)” show that it moved around 4,000 BTC, valued at approximately $236 million, on July 11 alone. This follows its transfer of 10,853 BTC, valued at around $626 million, on July 10.

The funds went to various entities, including centralized exchanges, crypto market makers, and over-the-counter (OTC) traders. According to Arkham data, the recipients of the BTC include Coinbase, Kraken, and Bitstamp exchanges. Some were also sent to addresses linked to digital assets firms and market makers such as UK-based B2C2, Cumberland DRW, and Flow Traders.

Despite the massive sell-offs and transfers in the last two days, BTC appears to be recovering. Its price increased 2% in the past 24 hours, rising to $59,387, according to CoinMarketCap. The gains are likely a response to the better-than-expected news that the consumer price index (CPI) only rose by 3%, indicating that inflation is decreasing and interest rates may follow suit.

Selling Spree May Continue

Meanwhile, the government’s sale of Bitcoin has drawn criticism from various quarters, including within the country. Joana Cotar, a member of the German Bundestag, has slammed the sale. She called it counterproductive and said the government should instead keep it as a strategic reserve currency.

This view is shared by many in the crypto community, with some describing the sale as evidence that politicians “are not smart.” Others observe that the government is selling a scarce resource for a currency that can be printed “out of thin air.”

However, these criticisms are unlikely to deter the government from selling off all the Bitcoin. Moreover, the authorities carrying out the sales may not be the ones being targeted by the criticism. According to reports, the Bitcoin was confiscated by Saxony, a state in eastern Germany, in January.

“Germany selling bitcoin is fake news. It’s not Germany that’s been selling, but a tiny German state called Saxony. The state confiscated almost 50,000 BTC and has been selling its holdings as per standard practice for any assets seized during criminal investigations,” said Samir Tabar, the CEO of Bit Digital.

However, some experts believe that the current price struggles for BTC are not necessarily a result of the German government’s sell-offs. According to Dr. Jan Wustenfeld, the lead researcher at Melanion GreenTech, the available data suggests that the sales are not to blame because BTC price drawdowns are more pronounced during US and Asian trading hours than European trading hours.