German government moves $56.65m in BTC amid market-wide FUD

The German government has made yet another big Bitcoin (BTC) movement while the market wanders in the bearish zone.

According to data provided by Arkham Intelligence, the German government moved 1,000 BTC — worth $56.65 million at the time of writing — at 06:48 UTC today. The entity sent 250 coins to Coinbase and Bitstamp crypto exchanges each.

The remaining 500 BTC were transferred to an unknown address, “139PoP…H7ybVu,” which might be an over-the-counter (OTC) service.

Moreover, the German government still holds 38,826 BTC, worth $2.16 billion.  

On July 6, the government transferred $40.47 million in Bitcoin to the same address mentioned above. The assets were then moved to two other Bitcoin wallets, each containing $91.6 million and $23.7 million in BTC, respectively. 

The selloffs come as Bitcoin and altcoins suffer significant losses. BTC is down by 2.2% in the past 24 hours and is trading at $56,650 at the time of writing. The asset’s daily trading volume increased by 29%, reaching $26.6 billion. Bitcoin’s market cap is holding at $1.11 trillion. 

Member of the German Bundestag Joana Cotar urged the government to stop the Bitcoin sale. She called BTC a “strategic reserve currency” and said that Bitcoin could diversify Germany’s treasury assets.

Tron founder Justin Sun said on July 4 that he’s willing to purchase Germany’s Bitcoin holdings via OTC. He added that it could “minimize the impact on the market.”