The German government has liquidated almost 50% of its Bitcoin holdings in the past month and there is no indication of this sell-off stopping any time soon.
During the past 24 hours, the German government’s Bitcoin address (BKA), sold 2,620 BTC for around $150 million.
Among the wallet’s many transactions, the most common recipients were Kraken, Coinbase and Bitstamp.
If these transactions continue to occur with the same pace, the BKA wallet will be emptied in no time. Although, it is unclear if the German government plans on selling all of their holdings.
This sell-off has had a heavy toll on the cryptocurrency market, accommodated with very high volatility. Altcoins are also in the red, with memecoins being the biggest losers.
At the time of writing Bitcoin is trading at $56,300 after a 1.65% price drop in the past 24 hours and a weekly decline of over 11%.
Metaplanet is aggressively expanding its Bitcoin holdings through an unconventional $5.4 billion capital raise, positioning itself as a leading BTC proxy in Asia.
BlueBird Mining Ventures, a London-listed firm traditionally focused on gold, is making headlines after announcing it will liquidate its gold reserves and begin accumulating Bitcoin as a treasury asset.
Bitcoin tumbled sharply today, shedding more than 3.5% in a matter of hours and briefly flirting with the critical $100,000 level.
Bitcoin is treading water near $105,000, but pressure is building on both sides of the trade as macro forces tighten.