German Government Sells 400 Bitcoins, BTC Price Drops To IDR 985 Million

The German government sold 400 Bitcoins, the price of BTC fell to IDR 985 million (Photo; Doc. Bitcoinmag)

JAKARTA - The German government has just sold 400 Bitcoins (BTC) on the Kraken and Coinbase exchanges, which are expected to have a significant impact on investors. The Bitcoin worth 24.4 million US Dollars (approximately Rp400 billion) was recorded at 15:38 UTC+8.

According to data from blockchain analysis platform Arkham Intelligence, the sale of 400 BTC came after German authorities released more than 1,700 BTC worth 110 million US Dollars (approximately IDR 1.8 trillion) on the Kraken, Coinbase and Bitstamp exchanges. Currently, the German government still holds Bitcoin worth 2.8 billion US Dollars (approximately IDR 45.9 trillion), including an unrealized profit of 1.1 billion US Dollars (approximately IDR 18 trillion).

Bitcoin (large investors)' activity has increased sharply in recent days after weeks of stagnant prices. Many Bitcoin holders have taken advantage of the profits provided by this digital asset since the approval of the Bitcoin spot ETF by the United States Securities and Exchange Commission (SEC) in January.

Of the 400 BTC sold, 200 coins were placed on Kraken and another 200 on Coinbase. The massive sale by the German government, accompanied by outflows for two consecutive weeks from the ETF BTC spot, contributed to the current drop in Bitcoin prices at the level of IDR 985 million.

[see-also]

https://voi.id/teknologi/392389/marathon-digital-holdings-umumkan-proyek-penambangan-bitcoin-di-finlandia

https://voi.id/teknologi/392895/lebih-dari-50-manajer-investasi-jepang-berencana-berinvestasi-dalam-kripto-ini-alasannya

https://voi.id/teknologi/392917/mt-gox-mulai-distribusikan-pengembalian-dalam-bitcoin-dan-bitcoin-cash-pada-juli

[/see_also]

According to CoinSpeaker, Arkham data showed that a week ago, on June 18, the German government had 49.86 thousand BTC worth 3.32 billion US Dollars (approximately IDR 54.5 trillion) at a price of 66,642 US Dollars per BTC. However, on June 25, the authorities had only 47.18 thousand BTC worth 2.98 billion US Dollars (approximately IDR 48.9 trillion) at a price of 63,190 US Dollars per Bitcoin. This marks a net change of 341.46 million US Dollars (approximately IDR 5.6 trillion) in government ownership.

According to data from Farside Investors, the German government's massive sales coincided with outflows worth 174.5 million US Dollars (approximately IDR 2.8 trillion) from the ETF BTC spot on June 24. Meanwhile, Grayscale's GBTC, Fidelity's FBTC, and Franklin Templeton's EZBC recorded outflows worth 90.4 million US Dollars, 35.2 million US Dollars, and 20.9 million US Dollars respectively. On the other hand, BlackRock's IBIT remains neutral without outflows.

Crypto trader Ash Crypto revealed in a post on social platform X that a Bitcoin whale bought BTC worth US$961 million (around Rp. 15.7 trillion) just by paying about US$3 (around Rp.49,275) in cost. This activity shows that investors are starting to take advantage of recent Bitcoin price drops.