- According to onchain data from blockchain intelligence company Arkham, the German government has been selling confiscated bitcoin but still possesses more than 40K BTC, valued more than $2.3 billion.
- These sales coincide with the planned bitcoin releases from Mt. Gox. To lessen any potential influence on the price of cryptocurrencies, Justin Sun, the founder of Tron, has offered to buy the remaining bitcoin from the German government off-market in reaction to their BTC liquidation.
Germany Is Still Selling Bitcoin
According to blockchain research firm Arkham, the German government has been selling its stolen bitcoin; the most recent transaction, which involved up to $175 million in BTC, took place on July 4.
According to Arkham, the German government is selling up to $175 million in bitcoin on social media platform X on Thursday. The German government has transferred 1,300 bitcoin ($76 million) to exchange deposits at Kraken, Bitstamp, and Coinbase in the last two hours. In addition, 139Po is now the address for 1,700 BTC ($99M). These money will probably be transferred to an OTC or institutional service deposit.
The price of bitcoin has been impacted by the German government’s sales as well as Mt. Gox’s planned distribution of bitcoin to creditors this month. On Monday, the price of Bitcoin fell below $57,000, following a 4% decline the day before and a more than 6% decline the week prior. Data from Arkham Intelligence indicates that test transfers or dust-making occurs in Mt. Gox wallets. Although the Mt. Gox Trustee stated that payments would begin in July, no precise date has been given.
Justin Sun, the founder of Tron, declared on Thursday that he is ready to buy the remaining Bitcoin off-market in response to the German government’s bitcoin sales. To lessen the effect on the market, I am prepared to bargain with the German government to buy all Bitcoin off-market, Sun stated on X.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
