The German government transferred over 3,000 Bitcoins in an hour, bringing the total combined inflow and outflow to over 6,000 BTC.
The transactions persist in the Bitcoin sell-off trend initiated by the German government last week, despite the imploring of parliamentary members, including the German lawmaker and BTC activist Joana Cotar, to “refrain” from doing so.
Cotar implored the government to cease its “hurried disposal of state-owned Bitcoin” and instead implement a “strategic reserve currency” to protect itself from the pitfalls of the conventional system.
The volume of Bitcoin transfers exceeded 1,000 BTC.
The German government has experienced a total combined inflow and outflow of over 6,000 BTC in the past 24 hours, with over half of this amount shifting out of the wallet.
The address currently holds 35,488 BTC, valued at over $2 billion, and has received 4,340 BTC throughout the day. Of this amount, over 3,000 BTC have been transferred to exchanges or unverified addresses.
German Bitcoin Political Dispute
On July 4, Cotar submitted a statement to the German government in which she advocated for the retention of BTC to diversify the country’s treasury assets, foster innovation, and hedge against inflation.
Although the government sold an additional $172 million later that day, the lawmaker characterized the decision to sell off its BTC holdings as “not only not sensible, but counterproductive.”
At the time, the wallet contained more than 42,200 BTC, valued at $2.4 billion. However, these values have decreased to over 35,400 BTC and $2 billion, respectively.