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German Government Moves $520M in Bitcoin to Exchanges, More Sell-Off Ahead?


German Government Moves $520M in Bitcoin to Exchanges, More Sell-Off Ahead?

The German government wallet has recently moved overall 8853.5 BTC, worth nearly $520.17 million, to multiple crypto exchanges. Despite this large transfer, Bitcoin’s price remained steady at around $58,500, reflecting a 2% increase in the last 24 hours. 

Meanwhile, these transactions to multiple exchanges have raised fears in the crypto space, indicating that more sell-offs may be coming soon.

Massive Bitcoin Transfer

As per Arkham Investment, the German Government transferred 8853.5 BTC in total to various prominent exchanges and institutional deposit services. The recipients of these transactions included Kraken, Cumberland, Flow Traders, Coinbase 139Po, and an address identified as bc1qu, which is likely linked to an institutional deposit or over-the-counter (OTC) service. 

Interestingly, following these large-scale transfers, the German Government received 1,118 BTC, worth approximately $64.71 million, back from several exchanges. These included major platforms like Kraken, Bitstamp, and Coinbase. 

This movement suggests that while the government is selling significant amounts of Bitcoin, it is also receiving substantial amounts back from the market.

Current Holdings

As of now, the German Government holds a substantial amount of Bitcoin, totaling 15,110 BTC, which is valued at around $883.7 Million. However, the German Government now holds less than billion of the Bitcoin originally seized from Movie2k.

Perhaps, this figure highlights the significant stake the government continues to maintain in the cryptocurrency market despite the recent sell-off.

Bitcoin Technical Analysis

Looking at the technical analysis the daily chart suggests that, Bitcoin remains above the 50-day and 100-day EMAs, signaling a bullish trend. However, key resistance levels at $60,000, $62,500, and $63,200 could signal a bullish sentiment if breached, potentially pushing BTC toward $65,000. 

With the Average Directional Index (ADX) at 41.10, indicating a robust trend, investor sentiment remains cautious with the Fear & Greed Index (FGI) at 40, reflecting prevalent investor fear.

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