A cryptocurrency wallet labeled as belonging to the German government has recently made sales of over $54 million worth of Bitcoin. On June 25, the government’s wallet sold a total of 900 Bitcoin (BTC) in three separate transactions. The first transaction, totaling 200 BTC, was sent to the Coinbase exchange, while the second transaction of 200 BTC was transferred to the Kraken exchange. The third transaction, worth 500 BTC and over $30 million, was sent to the wallet “139Po,” an unknown address according to on-chain intelligence provider Arkham Intelligence.
While the identity of wallet “139Po” remains a mystery, it is not the first time that the German government has interacted with it. The government had previously sent 800 BTC to the address on June 20 and another 500 BTC on June 19. As of now, the wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
The government-labeled wallet, which holds over $2.8 billion worth of BTC, could potentially introduce significant selling pressure that might drive Bitcoin’s price below the $60,000 mark. Bitcoin price has been on a downward trend, falling 11% on the monthly chart and over 7% on the weekly chart, trading just above $61,000 as of 9:40 a.m. UTC, according to Bitstamp data.
According to analyst Willy Woo, technical chart patterns suggest that Bitcoin might experience a correction lasting up to four weeks before its price rally resumes. However, there are concerns about more Bitcoin selling pressure from Germany, as well as from the collapsed cryptocurrency exchange Mt. Gox, which announced it would start repaying its defunct users. More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 creditors of Mt. Gox, who have been waiting for over 10 years to recover their funds. These factors could introduce significant selling pressure for Bitcoin in the near future.