The German government liquidated more than 16,000 BTC in a day, prompting substantial deliberations regarding its impact on the Bitcoin market. On July 8th, the government sent 2,738.7 BTC valued at $155.3 million to several exchanges, such as Kraken and Cumberland.
Shortly thereafter, they transferred an extra 1,533 BTC worth around $87.6 million, which served as their initial engagement with Cumberland and ‘bc1qu’ addresses.
Subsequently, a total of 8,100 BTC worth about $463.2 million was allocated to market makers such as Flow Traders, while another 5,200 BTC worth around $297.3 million was distributed among Kraken, Bitstamp, Coinbase, and ‘139Po.’
The government now possesses 23,787.7 BTC, which has an estimated value of $1.35 billion. Alex Krüger, a cryptotrader, has the view that the German government’s divestments are approaching their conclusion, and the market has the capacity to assimilate the remaining coins. Daan Crypto concurs, arguing that the influence should wane as the supply of BTC diminishes.
