German Bitcoin Selling Spree: Government Continues 1000 BTC Transfers

Key Points:

• The German government sent 250 bitcoins to Bitstamp and another 250 to Coinbase.
• 500 Bitcoins were sent to an address without labels.

Amid the German Bitcoin selling spree, the government moved 1,000 bitcoins. Arkham data shows 250 BTC to Bitstamp and 250 BTC to Coinbase, totalling nearly $28M

German Bitcoin selling spree with new transfers

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 Debate on Government Involvement in Cryptocurrencies

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.