In a significant development within the market, the German government has recently transferred over $50 million worth of Bitcoin (BTC) tokens. Despite experiencing significant price drops last week, Bitcoin has started to recover strongly since July.
According to the analysis platform Lookonchain, the German government executed a substantial Bitcoin transfer. On July 2, a total of 832.7 BTC, equivalent to $52 million, were moved, as reported by the platform’s survey.
The data revealed that out of the total, 282.7 BTC (approximately $17.65 million) were sent to cryptocurrency exchanges like Bitstamp, Kraken, and Coinbase. Through this transaction, the German government reduced its holdings and now holds $2.74 billion.
“35 minutes ago, the German government transferred 832.7 BTC ($52 million), out of which 282.7 BTC ($17.65 million) was transferred to Bitstamp, Coinbase, and Kraken. The German government currently holds 43,859 BTC ($2.74 billion).”
On July 1, Lookonchain, utilizing data from Arkham Intelligence, unveiled that the German government had also sold an additional 1,500 BTC, worth $94.7 million.
As of the time of publication, the price of Bitcoin was quoted at $62,703.04, with no change in the past 24 hours.
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The views and opinions expressed by the author or individuals mentioned in this article are solely for informational purposes and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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