German Government Bitcoin Selling Spree Continues With 6,306 BTC Move, Here’s The Destination

This post was originally published on Bitcoinist

Bitcoin, the largest cryptocurrency asset, is in the limelight as the German government, the Bundeskrimanalamt (BKA), has continued its aggressive BTC selling spree, transferring over 6,306 BTC as part of its ongoing liquidation strategy, which has triggered a broader discussion about its potential impact on the crypto asset’s price.

German Government Offloads Thousands Of Bitcoin

In spite of recent warnings from Joana Cotar, a member of the German parliament, regarding the unreasonable and ineffective Bitcoin strategy adopted by the government, they are still offloading additional BTC from the country’s holdings.

According to data from a well-known intelligence platform, Arkham, the German government moved the 6,306 BTC, valued at $362 million, to the address bc1qu, Cumberland, 139Po (either an institutional deposit or over-the-counter service), and Kraken early Tuesday. The platform also reported that out of the 6306.9 BTC, about 3206.9 BTC were transferred in the space of 20 minutes.

The post read:

In the past 3 hours, the German Government has sent 6306.9 BTC ($362.12M) to Kraken, Cumberland, 139Po (likely institutional deposit/OTC service) and address bc1qu. Of this, 3206.9 BTC ($184.58M) has been sent within the past 20 minutes.

Although the government moved a substantial amount of BTC yesterday, Arkham revealed

Read the rest of this post, which was originally published on Bitcoinist.

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