UPDATED: German government continues to transfer thousands of bitcoins to exchanges and market makers
Quick Take
- The German government transferred thousands of bitcoin to exchanges and market makers on Monday.
- It first transferred 133.722 bitcoin to market maker Cumberland DRW before sending 5,200 bitcoins to market maker Flow Traders, 4,200 bitcoin to the B2C2 Group, 2,350 bitcoin to Bitstamp, 2,050 bitcoin to Coinbase and 1,250 bitcoin to crypto exchange Kraken, according to blockchain analytics platform Arkham.
Note (July 8, 16:45 UTC): Data updated to reflect subsequent transfers since this piece was first published.
The German government transferred 133.722 bitcoin to market maker Cumberland DRW Monday before sending 5,200 bitcoin to market maker Flow Traders, 4,200 bitcoin to the B2C2 Group, 2,350 bitcoins to Bitstamp, 2,050 bitcoin to Coinbase and 1,250 bitcoin to crypto exchange Kraken, according to blockchain analytics platform Arkham.
These new transfers follow transactions made earlier Monday morning, when the German government moved 250 bitcoin to Bitstamp, 250 bitcoin to Coinbase and 500 bitcoin to an unlabelled address presumed to be an OTC service or unlabeled exchange address.
While Germany's selling spree has certainly garnered a lot of attention, it hasn't proven popular with everyone in the country's government. Member of the German Bundestag and bitcoin advocate Joana Cotar heavily criticized the government's decision to "hastily" sell the bitcoins it possesses in lieu of a comprehensive bitcoin strategy.
"Instead of holding bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” Cotar wrote last Thursday, claiming this was "not sensible" and "counterproductive."
Despite the apparent bitcoin selling from the German government, the price of the foremost cryptocurrency has rebounded intraday and is currently down less than 0.6% over the past 24 hours, according to The Block's Bitcoin Price Page.
The German government still holds more than $2 billion worth of bitcoin, according to Arkham.
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