Germany Again Sells Bitcoin, The Remaining BTC Is Less Than 5,000

Germany is selling Bitcoin again, the remaining BTC is less than 5,000 (Photo; Doc. Bitcoinexchangeguide)

JAKARTA - The German government recently made massive Bitcoin (BTC) sales that shocked the crypto market. Germany's BTC reserves are now less than 5,000 BTC after selling around 5,000 BTC as of Thursday 11 July. At 13.00 EDT that day, Germany was recorded to have 4,925 BTC worth about 283 million US Dollars (approximately IDR 4.5 trillion).

This sale is a continuation of a major divestment that began at the end of June 2024. According to Bitcoin.com News information, of nearly 50,000 BTC seized from film hijacking sites in January 2024, Germany now only leaves 4,925 BTC. In several sales sessions, BTC was diverted to various crypto exchanges such as Coinbase, Bitstamp, Kraken, Cumberland, Flow Traders, and unknown addresses.

The price of Bitcoin had reached 59,516 US Dollars (around Rp963 million) per coin on Thursday morning, but decreased to around 57,500 US Dollars (around Rp930 million) after this transaction, showing a 0.3% drop in price in a day.

Interestingly, the sale of BTC by the German government coincided with an increase in investment into Bitcoin exchange-traded funds (ETF) in the United States. During the last four trading sessions, Bitcoin ETF in the US absorbed about 801 million US Dollars (approximately Rp12.9 trillion) in BTC form. In addition, reports from cryptoquant.com indicate aggressive purchases by large investors (whole) increasing their Bitcoin holdings at the fastest level since April 2023.

This situation shows significant movement in the crypto market, with various parties taking advantage of price fluctuations to make massive purchases. With German government BTC reserves running low, market attention is now focused on the potential long-term impact of this divestment strategy on Bitcoin prices globally.