German Government Bitcoin Sales Update

The German government has sold 88.4% of its original 50,000 BTC holdings, leaving only 5,800 Bitcoin in its wallet.

Recent Bitcoin Transfers

• 3,200 BTC transferred across various platforms
• Bitstamp, Kraken, and Coinbase received 400 BTC each
• 1,000 BTC and 500 BTC sent to two unknown addresses

Crypto analyst Michaël van de Poppe speculates that the remaining $300 million worth of Bitcoin will likely be sold on July 12.

Market Analysis

The careful distribution of Bitcoin sales across multiple platforms may help prevent drastic price swings.

The German government’s wallet, originally seized from a film pirating website in January, has been actively selling Bitcoin since June.

Implications of Government Sales

With 5,800 BTC left, the government has sold 88.4% of its initial holdings.

Concerns over Mt. Gox’s release of over $8 billion worth of BTC to creditors have contributed to recent market uncertainty and price declines.