- Germany has less than $1 billion in Bitcoin left to sell after moving over $2 billion worth of Bitcoin to exchanges and market makers in the last week alone.
- The German government’s selloff of its Bitcoin holdings, which were around $3.46 billion worth a month ago, is part of its strategy to liquidate a significant portion of its digital assets.
- Analysts at investment firm Bernstein remain bullish on Bitcoin, projecting a price target of $200,000 by 2025, $500,000 by 2029, and exceeding $1 million by 2033, citing Bitcoin’s unique demand and supply dynamics.
The German government has moved over $2 billion worth of Bitcoin to exchanges and market makers in the last week alone, amid an apparent selloff that rapidly accelerated over the last two days.
Germany’s Bitcoin Holdings Drop Below $1 Billion
According to data from Arkham Intelligence, the German government currently holds 13,733 BTC valued at $792 million, compared to 49,860 BTC just a month ago.
This sharp reduction in Bitcoin holdings is part of the German government’s strategy to liquidate a significant portion of its digital assets. The government has transferred some $2 billion worth to exchanges and market makers within the last week alone.
Germany Transfers $344 Million in Bitcoin to Exchanges
German government crypto wallets have moved approximately $344 million worth of Bitcoin to exchanges and over-the-counter desks on Wednesday morning, according to blockchain analytics platform Arkham Intelligence.
Already this week, the German BKA wallets have moved $900 million worth of BTC on Monday and a further $362 million on Tuesday. The German law enforcement wallets now appear to have just north of $1 billion worth of Bitcoin left, according to Arkham.
The Wednesday morning transfers include:
- $73 million to Coinbase
- $57 million to FTX
- $56 million to Binance
- $49 million to Bitfinex
- $46 million to Kraken
- $28 million to Gemini
- $18 million to Poloniex
- $17 million to KuCoin
While this does not necessarily mean that the transferred assets have already been liquidated, it suggests that the German government is looking to part with the cryptocurrency.
Conclusion
Amid Germany’s selloff, analysts remain bullish on Bitcoin’s long-term prospects, attributing a positive outlook to the asset’s unique supply dynamics and growing institutional adoption through ETFs. However, the government’s ongoing sales seem poised to weigh on Bitcoin prices in the near term.
