The German government missed more than $ 2 billion worth of Bitcoin’s income after selling its holdings in 2024, according to blockchain intelligence firm Arkham.
A “German Government (BKA)“That is a cryptocurrency wallet of 49,858 bitcoin (Btc) costs more than $ 2.89 billion at an average price of $ 57,900 in total Multiple transactions in June and July in 2024.
The decision to sell Bitcoin’s early cost to the German government of over $ 2.35 billion, according to the Crypto Intelligence platform Arkham.
“If they were holding it, their BTC would now cost $ 5.24B,” Arkham Says In a post of May 19 X, noting that Bitcoin rose more than 80% from the sale.
At the time of publication, Bitcoin traded more than $ 104,700, according to CoinMarketCap data.
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The wallet labeled German government was first elevated speculation of a potential sale-off On June 19, 2024, when it conducted a 6,500 BTC transfer worth more than $ 425 million.
The purse originally held around 50,000 BTC, believed to have been seized from Movie2K operators, a now-defunct pirated film site.
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German government rushed to sale to be able to maximize liquidity
The purse sale patterns point to fast transactions that are no longer -optimized for the smallest impact on the market and best profitability, according to Miguel Morel, founder of Arkham Intelligence.
“The last thing I hope is that they will only go to five different exchanges and start market sale,” Morel told Cointelegraph in an interview with ETHCC 2024, adding:
“The fact that they are going to many different exchanges just read like they are just trying to get as much liquidity from each book order as possible (…)
Reports surrounding the German government’s Bitcoin liquids may have contributed more to the fall of Bitcoin than the amount of Bitcoin sold.
The price of Bitcoin recovered above a $ 60,000 psychological score on July 14, a day after the BTC labeled the German government labeled the BTC, which ended the investor’s uncertainty about the further sale of pressure.
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