JUST IN: Germany Sells Bitcoin Worth Around $69 Million

Germany is continuing to put preassure on the crypto market by offloading huge amounts of Bitcoin to centralized exchanges.

In the past few minutes the German Goverment’s crypto wallet (BKA) made 3 significant transactions to the top crypto exchanges, according to data from Arkham Intelligence.

The largest one of them saw 600 BTC (worth $34.4 milliona) being deposited into the biggest cryptocurrency exchange in the US, Coinbase.

Additionally,  200 BTC (worth $11.4 milliona) went to Kraken, and $400 BTC BTC (worth $22.9 million) were sent to Bitstamp.

Earlier today the BKA wallet sent out a few other transactions, continuing the sell-off it started last week. At the time of writing BKA holds $1.855 billion in BTC (compared to $2.7 billion a week earlier).

These events are troubling for the industry, as people are panicking and selling their positions, leading to significant price drops.

Is the German government’s goal to sell all of the Bitcoin holdings? Or is it a strategic move to cash-out some gains?

One thing is for certain – this event, although relatively small compared to the total market cap of Bitcoin, is significant and dictates people’s sentiment.