German authorities transferred more of its bitcoins to centralized exchanges, presumably for sale. According to data from Arkham, an on-chain analytics platform, addresses belonging to the German government transferred 250 BTC to Bitstamp and another 250 BTC to Coinbase, amounting to nearly $28 million at current prices.
Excluding the transactions above, another 500 BTC were sent to an unlabeled address presumed to be owned by a centralized crypto exchange or OTC service. This transfer is part of the German Bitcoin selling spree, which reflects the government’s broader strategy to liquidate its Bitcoin inventory.
Read More: Bitcoin Faces Pressure Amid Mt. Gox’s Compensation and Market Caution
The German government currently holds 38,826 Bitcoins on known addresses, totalling $2.17 billion. The recent selling spree hasn’t been too popular with everyone in the country’s government.
A Member of the German Bundestag named Joana Cotar said the German government has been criticized for “hastily” selling the bitcoins it possesses instead of a comprehensive bitcoin strategy. Previously, the German government had Bitcoin over $40K unsold.
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