Germany is 3 weeks away from selling 9K Bitcoin.
The German government's bitcoin wallet has dropped to 9,094 bitcoins – just 18% of what it started with – since July 11th after a back-and-forth exchange of crypto.
A wallet containing Bitcoin (BTC) seized from a hacking website in January has withdrawn billions of bitcoins since June 19, but ramped up efforts in early July.
In the year On July 11, the wallet dropped below 5,000 BTC after sending 10,620 BTC for around $615 million to Coinbase, Bitstamp, Kraken, Flow Traders and two unknown addresses.
However, a short time later, some of those funds were transferred to the wallet of the German government, which led to the return of German Bitcoin holdings to over 9,000 BTC.
Current data shows that the German government holds only 18 percent of the 49,857 bitcoins seized from the Film 2k movie piracy website in January.
Arkham believes that two anonymous addresses ending in “139po” and “bc1qu” are held by institutional depositors or free commercial service providers. However, that has not been confirmed.
The German wholesale-off is not sitting well with the German legislator and Bitcoin activist Joanna Cotar, who argued earlier in July that Bitcoin could instead be adopted as a “strategic reserve currency” to prevent risks in the traditional system.
It seems that ordinary users expressed their dismay at the article, which was interpreted as “Tax is robbery”.
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The sell-off, coupled with concerns that Matt Gox has begun distributing more than $8 billion worth of Bitcoin to creditors, has exacerbated the decline in BTC prices in recent weeks.
Falling into the “extreme fear” zone for the first time since January 2023 contributed to the bearish events of the Crypto Fear and Greed Index – an indicator of market sentiment.
Bitcoin is trading at $56,870 at the time of writing, down 1.8% in the last 24 hours and 15.1% in the last month.
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