German Government Sells $94.7 Million Worth of Bitcoin

Data from Lookonchain and Arkham Intelligence reveals that the German government has sold an additional 1,500 BTC on July 1st. This amounts to approximately $94.7 million in Bitcoin being offloaded by the government.

Out of the 1,500 BTC sold, 400 BTC has been transferred to major exchanges like Bitstamp, Kraken, and Coinbase. This selling activity is part of a larger trend, as the German government currently holds 44,692 BTC which is equivalent to $2.82 billion, and has been gradually reducing its Bitcoin holdings.

The sell-off initiated last week has continued with this recent transfer, indicating a strategic decision by the government to decrease its Bitcoin reserves. While the exact reasons for these sell-offs are not clear, it is likely that they are being done to generate funds for operational purposes.

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