Germany’s Bitcoin (BTC) Holdings are Completely Depleted.
Germany has come to the end of Bitcoin sales exceeding $3 billion. According to data provided by the on-chain analysis platform Arkham, as of July 12, Germany’s Bitcoin holdings have been reduced to zero. The government’s last transaction involved sending 3,846 BTC, valued at $223.81 million, to Flow Traders and 139Po, both offering institutional OTC transactions.
Triggered Significant Drops
The government began sending Bitcoins seized from the Deep Web and hackers to exchanges for sale last week. This activity was sufficient to create serious selling pressure on the market. Last week, the government moved more than 10,000 BTC in a single transaction, causing the market to decline. The end of this selling pressure has so far reflected positively on cryptocurrencies. Many cryptocurrencies, including Bitcoin, have seen increases in the last 24 hours. According to CoinGecko data, Bitcoin, which has risen by 2% in the last 24 hours, is trading at $58,200 at the time of writing.