- Germany has been selling off its bitcoin holdings, transferring 5,000 BTC on July 11, 2024, reducing its total to 4,925 BTC.
- The German government’s bitcoin reserves were acquired in January 2024 from a seizure related to a movie piracy site, where they initially held around 50,000 BTC.
- The German bitcoin sales coincided with inflows into U.S. spot bitcoin exchange-traded funds over the past four trading sessions, totaling around $801 million in bitcoin.
The German government has continued its bitcoin sell-off, transferring another 5000 BTC on Thursday morning. This reduces the government’s remaining bitcoin reserves to just 4925 BTC, worth around $283 million.
Details of the Latest Transfer
The government-controlled wallets transferred approximately 5000 BTC starting around 9am EDT on Thursday, July 11, 2024. This included 3185 BTC moved during overnight sessions.
At the beginning of 2024, the German government held close to 50,000 BTC seized from a movie piracy site. The gradual sell-off began in late June.
On Thursday morning, the transferred funds went to major exchanges like Coinbase, Bitstamp, Kraken, and Cumberland, as well as an unknown wallet address. Inflows have also been observed from the unknown wallet and Kraken during the transfers.
BTC prices dipped about 0.3% following the sell-off, dropping from $59,516 at 8am to around $57,500 per coin.
Timing With Inflows Into US Spot Bitcoin ETFs
The German government’s BTC transfers have coincided with significant inflows into US spot bitcoin exchange-traded funds (ETFs) over the past four trading sessions. During this period, US spot bitcoin ETFs took in around $801 million worth of bitcoin.
A report from CryptoQuant also highlights aggressive bitcoin accumulation by whales while prices are depressed. According to the report, whales have been growing their bitcoin reserves at the fastest monthly rate since April 2023.
