The German government was absent from more than two billion dollars of bitcoin profits after selling its holders in 2024, according to Blockchain Intelligence Arkham.
A “German government (BKA)Current currency portfolio named 49,858 bitcoin (BTC) At a value of more than $ 2.89 billion at an average price of $ 57,900 across Multiple transactions During June and July in 2024.
The decision to sell Bitcoin early the German government cost more than $ 2.35 billion, according to the Crypto Arkham intelligence platform.
“If they have been detained, their BTC will now be $ 5.24 billion,” Arkham He said In the May 19 publication, noting that Bitcoin has increased more than 80 % since the sale.
At the time of publication, Bitcoin was traded with more than $ 104,700, according to Coinmarketca data.
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The wallet called the German government raised the first time Possible sale speculation On June 19, 2024, when it carried out the transfer of 6500 BTC, at a value of more than $ 425 million.
The portfolio was originally held about 50,000 BTC, which is believed to be seized by Movie2K operators, which is now a pirated movie.
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The German government rushed for sale to increase liquidity to the maximum
Portfolio selling patterns indicate hasty transactions that have not been improved for the smallest market impact and best profitability, according to Miguel Morel, founder of Arkham IntelleGECE.
“The last thing I was expecting is that they would go to five different exchanges and start selling the market,” Morel told Cointelegraph during an interview at ETHCC 2024, adding:
“The fact that they will make many different stock exchanges that they only read, as they are trying to get the most liquidity as possible from every book of orders as much as possible[…]”
Perhaps the reports surrounding the Bitcoin qualifiers for the German government have contributed to Bitcoin’s downward direction more than bitcoin.
Bitcoin price was recovered over the $ 60,000 psychological brand on July 14, a day after the German government portfolio was exhausted from BTC, putting an end to the invested uncertainty about further sale pressure.
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