The German government has sent over 3,000 Bitcoin since 11:11 am UTC, resulting in a substantial amount of BTC being moved by the government in the past 24 hours. This continues the trend of the German government selling off Bitcoin (BTC) that has been in place since June 19, despite opposition from parliamentary members like Joana Cotar, a German lawmaker and BTC activist, who urged the government to refrain from doing so. Cotar suggested that the government should instead hold a strategic reserve currency to protect itself against the risks of the traditional system.
Arkham Intelligence data reveals the transactions made by the German government wallet in the last four hours. The German government has seen a total inflow and outflow of over 6,000 BTC in the past 24 hours, with more than half of that amount being moved out of the wallet. Throughout the day, the address holding 35,488 BTC, valued at over $2 billion, received 4,340 BTC, and more than 3,000 of those BTC were subsequently moved to exchanges or unknown addresses.
Cotar expressed her concerns to the German government on July 4, arguing that keeping BTC could help diversify the country’s treasury assets, encourage innovation, and serve as a hedge against inflation. She deemed the decision to sell off BTC holdings as not only nonsensical but counterproductive. However, the government proceeded to sell an additional $172 million later that day. The wallet in question originally held over 42,200 BTC worth $2.4 billion, but those values have now dropped to just over 35,400 BTC and $2 billion, respectively.
The recent announcement by the defunct crypto exchange Mt. Gox to begin repaying its BTC and Bitcoin Cash (BCH) debts has added to the ongoing market sell pressure. The trustee of the Mt. Gox repayments process, Nobuaki Kobayashi, stated that repayments would commence in accordance with the Rehabilitation Plan. According to a MtGoxBalanceBot post on X, the known addresses of the Trustee held over 94,400 BTC, with more than 47,000 BTC being moved at the time.