Key Takeaways:
- German authorities transferred 10,567 BTC worth over $600 million to various exchanges and brokers, reducing their holdings to 4,925 BTC.
- Germany’s bitcoin sell-off, which has seen 35,000 BTC sold this week, is expected to conclude soon, possibly by early next week.
- The nearing end of the $3 billion sale could alleviate investor concerns about oversupply affecting crypto prices.
On Thursday, blockchain data showed that German authorities from Saxony transferred 10,567 BTC, worth over $600 million, to exchanges like Bitstamp, Coinbase, and Kraken, as well as brokers such as Flow Traders and Cumberland DRW, according to Arkham Intelligence.
This reduced their holdings to 4,925 BTC ($285 million) from nearly 50,000 BTC ($3 billion) three weeks ago.
JUST IN: 🇩🇪 Germany has just $284m #Bitcoin left in cold storage to sell.
— Bitcoin Archive (@BTC_Archive) July 11, 2024
Send it! 🚀 pic.twitter.com/5Zbw4EzfJy
Germany’s bitcoin sell-off, at its current pace, might conclude by Friday or early next week, with around 35,000 BTC already sold this week.
However, totals could change as some assets are returned to the wallets before day’s end, noted Greg Cipolaro of NYDIG.
It's almost over folks, Germany 🇩🇪 only has 4.8K coins left. We thank them for the cheap #Bitcoin. Danke. @BTCtreasuries pic.twitter.com/n57EpYtxXg
— DETERMINISTIC OPTIMISM | NVK 🌞 (@nvk) July 11, 2024
The nearing end of this $3 billion sale could ease investor concerns about oversupply affecting crypto prices.
Bitcoin’s recent 15% drop has been linked to oversupply fears, including U.S. government and Mt. Gox-related BTC movements, but Cipolaro suggests these fears may be exaggerated.
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