[2024-07-11] German Government Sheds Over 3,100 BTC, Now Holds Less Than 10,000

[chmod755]

German Government Sheds Over 3,100 BTC, Now Holds Less Than 10,000 Bitcoins

At 9:50 a.m. on Wednesday, the German government held 13,110 BTC. By 8:30 a.m. on Thursday, the stash had decreased to 9,925 BTC, with the wallets now holding below 10,000 bitcoins.

Germany’s Bitcoin Wallets Overpay Network Fees as Holdings Drop to 9,925 BTC

Overnight and into the morning hours (EDT), Germany’s bitcoin (BTC) wallet divested 3,185 BTC, valued at over $188 million. According to data from Arkham Intelligence, Germany currently possesses 9,925 BTC. Yesterday, Bitcoin.com News reported on the government selling 9,736 BTC in the 20 hours preceding the latest changes.

Germany’s counterparties have been familiar names. The German government’s bitcoin wallets transacted with Coinbase, Bitstamp, Kraken, and Cumberland. While onchain fees were 6 satoshis per virtual byte (sat/vB) or $0.50 per transfer, the German government typically overpaid by 2x to 3x the current fee, at 18.1 sat/vB.

As of 9 a.m. EDT on Thursday, with BTC above the $59,000 range, the coins owned by Germany are now worth $587 million. Amidst fluctuations in bitcoin’s value and ongoing wallet divestitures, the German government’s strategic adjustments reflect broader economic strategies or urgent fiscal needs. While the motives remain undisclosed, the accelerated transactions, significantly overpaying network fees, hint at prioritized execution.

Source: https://news.bitcoin.com/german-government-sheds-over-3100-btc-now-holds-less-than-10000-bitcoins/

[programmer3666]

 They have the boldness to sell off all their seized Bitcoin which was initially worth $ 3.5 billion and is now left with just $300 million. Well, it is quite surprising that it hasn't put that much pressure on the price of BTC at the moment but it is too early to tell! sometimes such Decision takes a little while to impact the ecosystem.