Recently, the German government has continued to transfer Bitcoin to exchanges and market makers, causing concern within the crypto community.

Recent Developments

According to data from Arkham, the German government’s wallet has executed a series of large transactions, moving 5,550 BTC to exchanges such as Coinbase, Bitstamp, and Kraken. Additionally, 1,205 BTC were transferred to an unidentified wallet, 134 BTC to the market maker Cumberland, 4,200 BTC to the market maker Flow Traders, and 1,700 BTC to the market maker B2C2.

The total assets transferred by Germany today amount to nearly $1 billion, marking the largest BTC transfer by the German government since it began in June.

Original Report

Data from blockchain analytics platform Arkham indicates that the German government transferred 133.722 Bitcoin to market maker Cumberland DRW today, followed by sending 150 BTC to the crypto exchange Kraken and 1,000 BTC to B2C2 Group.

Additionally, they moved 300 Bitcoin to Coinbase, 300 Bitcoin to Bitstamp, and 1,000 Bitcoin to the market maker Flow Traders.

These new transactions follow those made on Monday morning when the German government transferred 250 Bitcoin to Bitstamp, 250 Bitcoin to Coinbase, and 500 Bitcoin to an unlabelled address, which could be an OTC service or an unlabeled exchange address.

Government’s Stance and Criticism

While the German government’s Bitcoin sales have garnered significant attention, not everyone within the government supports this decision. German Parliament member and Bitcoin advocate Joana Cotar has strongly criticized the government’s “hasty” decision to sell Bitcoin instead of adopting a comprehensive Bitcoin strategy.

“Instead of holding Bitcoin as a strategic reserve currency, as is being discussed in the US, our government is selling it off at large scales,” Cotar wrote last Thursday.

“This is irrational and counterproductive.”

Market Impact

Despite the German government’s Bitcoin sales, the cryptocurrency’s price rebounded to $57,000 on July 8th, marking a decline of less than 0.6% over the past 24 hours.

As of now, the German government’s wallet still holds over $2 billion worth of Bitcoin, according to Arkham.

Source: Allinstation