The German government is increasing its Bitcoin sell-off efforts, with plans to offload an additional $342 million worth of BTC
In anticipation of the forthcoming round of Bitcoin sell-offs, Arkham Intelligence’s German Government (BKA) wallet has added 6,000 additional Bitcoins, valued at $354 million.
To date, 5,853.409 Bitcoin has been transferred to addresses associated with exchanges such as Kraken, Coinbase, and Flow Traders, as well as to other unidentified or unconfirmed addresses.
The subsequent endeavor to dispose of approximately $342 million has commenced.
BTC sell-off in progress
Following the outflow of 3,100 BTC, valued at $178 million at the time, on July 9, this ongoing distribution of the 6,000 BTC continues.
Also, the address withdrew 1,700 BTC worth $91.78 million from Bitstamp, thereby recouping its BTC holdings and demonstrating its inability to offload them on the exchange.
The funds holding 4,800 BTC were offloaded to an address linked to the holdings, which were approximately 26,000 BTC valued at roughly $1.5 billion as of July 9.
On July 10, the wallet’s current holdings were approximately 18,110 BTC, now valued at $1.06 billion, a decrease of over $400 million from July 9.
This narrative is being developed, and additional information will be included as it becomes available.
