German gov’t runs out of BTC to sellGerman government rushed sale to maximize liquidityThe wallet’s selling patterns point to hasty transactions that weren’t optimized for the smallest market impact and best profitability, according to Miguel Morel, founder of Arkham Intelligence.“The last thing I would have expected is that they would just go to five different exchanges and start market selling,” Morel told Cointelegraph during an interview at EthCC 2024, adding:“The fact that they’re going to so many different exchanges just reads like they’re just trying to get as much liquidity from each order book as possible[...]”The reports surrounding the German government’s Bitcoin liquidations may have contributed more to Bitcoin’s downtrend than the volume of sold Bitcoin.BTC/USDT, 1-month chart.
A “German Government (BKA)” labeled cryptocurrency wallet sold 49,858 Bitcoin (BTC) worth over $2.89 billion at an average price of $57,900 across multiple transactions during June and July in 2024.
Related: Justin Sun offers to buy German gov’t’s $2.3B Bitcoin stack to minimize market impactThe German government-labeled wallet first raised speculation of a potential sell-off on June 19, 2024, when it executed a 6,500 BTC transfer worth over $425 million.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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