The German authorities transferred an additional 1,500 BTC from their holdings, with 400 BTC being transferred to centralized exchanges such as Bitstamp.
Arkham Intelligence data indicates that the German and US administrations have transferred millions of Bitcoin and Ethereum today. These transfers indicate that these authorities may not reduce their crypto-selling activities this month.
In the last two weeks, the addresses associated with the German government have transferred over 2,700 BTC, which is equivalent to over $200 million, to centralized exchanges. Throughout June, market analysts observed that these transfers exerted selling pressure on Bitcoin.
According to Arkham, the German government’s wallet, which was designated as such, transferred 1,500 BTC valued at $94 million to numerous external addresses. Of this amount, 400 BTC was allocated to BitStamp, Coinbase, and Kraken. 139PoPE1, an address that was unknown to the sender, received the remaining BTC and subsequently transferred it to bc1q7uz. At present, Bc1q7uz possesses more than $93 million in Bitcoin.
44,692 BTC, valued at $2.82 billion, remain in the German government’s wallet following its most recent transfers. The purpose of these coins is currently unclear. Nevertheless, historical transactions may suggest that the German authorities may opt to maintain a progressive increase in sales rather than discarding everything at once.
This week, the United States also joined the German government in the crypto sale column by transitioning its focus from Bitcoin to Ethereum. Today, 3,375 ETH worth $11.75 million were transmitted to 0x5acX, a new address, from a wallet that was identified as containing funds confiscated by the US from Estonian ponzi fraudsters Sergei Potapenko and Ivan Turogin. This is the first transaction from that address in two years, and it is probable that the intention is to sell the ETH.
These entities comprise less than 2% of the United States’ Ethereum holdings. Arkham reports that the US government’s purses presently contain approximately 213,534 Bitcoin and more than 50,000 ETH.
Despite the increased activity and the anticipation of imminent sell-offs by government authorities, Bitcoin and Ethereum have experienced a more than 2% increase in the past 24 hours. This price movement represents a departure from their crimson performance in June, during which BTC experienced a decline of approximately 7%.
Analysts have forecasted that Bitcoin could surpass $71,000 this month, and the gains underscore their current optimistic outlook. According to technical analyst Ali Martinez, historical data consistently indicates that Bitcoin’s performance in July is contrary to its price action in June. Consequently, the more pessimistic BTC was in June, the greater its rebound in July.
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