- Germany’s ongoing BTC sell-off, over 4,000 BTC since July 6, is destabilizing the crypto market.
- Independent MP Joana Cotar criticizes the government’s BTC sell-off strategy, urging a reconsideration.
- Germany’s repurchase of 1,915 BTC from Bitstamp, Kraken, and Coinbase confuses the crypto community.
Germany has transferred another 1,000 BTC, harming the crypto market. According to Arkham Intelligence’s on-chain data, the German government moved the Bitcoin to Coinbase, Bitstamp, and other unknown addresses. Since July 6, Germany’s BTC outflow has surpassed 4,000 BTC, valued at over $229 million, leaving its account with 35,446 BTC.
Germany’s ongoing Bitcoin sell-offs are causing significant market turbulence, leading to price fluctuations and uncertainty.
On July 8, Arkham Intelligence reported another 1,000 BTC transfer, primarily to Coinbase and Bitstamp. This move adds to the country’s substantial Bitcoin sell-off, creating more market instability. Germany’s remaining Bitcoin reserves now stand at approximately 35,400 BTC, worth about $2.04 billion.
Germany began selling its BTC holdings, seized from illegal activities, on June 19. The sell-off has reached nearly 9,000 BTC, valued at over $500 million. This decision has sparked debate within the crypto community, with many believing Germany might regret this move.
The sell-off has also attracted ridicule online. On July 6, Tron’s founder, Justin Sun, joked that Germany’s massive BTC sell-off contributed to its loss to Spain in the 2024 UEFA Euro quarter-finals. Sun even offered to buy all of Germany’s remaining BTC to mitigate the market impact.
Independent Member of Parliament Joana Cotar has urged the German government to reconsider its sell-off strategy. Cotar expressed concern about the government’s lack of a proper plan for selling its BTC reserves.
She speculated that upcoming elections might have influenced this decision. Cotar believes the government does not fully grasp the consequences of its actions. She noted that while Germany liquidates its BTC reserves, investors, including those on Wall Street, are buying the dip.
Cotar’s frustration was evident in a July 4 tweet, where she encouraged government officials to join her and Excellion’s Samson Mow in an October 17 lecture on leveraging BTC.
In a surprising turn of events, Arkham Intelligence data revealed that Germany repurchased 1,915 BTC, worth approximately $111 million, from Bitstamp, Kraken, and Coinbase. This unexpected move has confused many in the crypto community. Speculation is rife about the government’s next steps, with some hoping Germany will change its strategy and halt the heavy BTC sales.
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