German authorities transfer another 400 BTC to major cryptocurrency exchanges, bringing the total to almost 2,500 BTC. This ongoing liquidation activity occurs during a period of market turbulence.
The German government has maintained its Bitcoin divestment initiative by transferring an additional 400 BTC to significant cryptocurrency exchanges.
However, this is part of a continuous series of sell-offs from an address linked to German authorities.
The current market tensions have coincided with the sale of over 2,500 BTC from this address in the past few days.
Meanwhile, the persisting nature of the transactions suggests that the German government may not have completed its Bitcoin liquidation efforts.
German Government’s Bitcoin Sell-Off
At 16:25 UTC+8, the German government transferred 400 BTC to Bitstamp, Coinbase, and Kraken, with a value of approximately $25.28 million, according to Arkham.
This corresponds to a pattern of transfers that occurred within the past two weeks, which resulted in the transfer of over 2,700 BTC to centralized exchanges.
Kraken and Coinbase each received 100 BTC in the most recent transfer, while Bitstamp received the greatest portion at 200 BTC.
Before the most recent transaction, there were three notable batches: an initial 1,700 BTC worth $110 million, 400 BTC valued at $24.34 million, and 595 BTC worth approximately $36.5 million.
Germany’s Bitcoin holdings have appreciated substantially, currently valued at $2.8 billion, despite these sell-offs, which include $961 million in unrealized profit.
Although some analysts have proposed that these government transactions are a contributing factor to the recent market volatility, the overall effect is uncertain due to other influential market forces.
Bitcoin Market Performance
Bitcoin’s price has remained resilient, surpassing $62,000, despite the German government’s sell-off.
Moreover, Bitcoin’s 24-hour trading volume is $23.8 billion, and its live price is $62,868.28 at the time of writing.
Bitcoin’s open interest has increased by 1.56%, resulting in a valuation of $18.4 billion.
Bitcoin’s Relative Strength Index (RSI) is currently at 58.3, which is barely below the 50 RSI zone, suggesting that there is significant buying pressure.
In the past 24 hours, the cryptocurrency has experienced a 2.29% increase, trading between $63,747.23 and $62,545.85.
Despite recent sell-offs, Bitcoin’s current market cap is about $1.2 trillion, which is indicative of its ongoing dominance in the cryptocurrency field.