Bitcoin

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The price of <a href="https://bitcoinist.com/bitcoin-price-crashed-58000/" rel="nofollow">Bitcoin has crashed</a> again as the German government continues its BTC selling spree. The government has already sold millions of dollars worth of Bitcoin, putting <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slide-64500/">immense pressure</a> on the pioneer cryptocurrency amidst broader market volatility.&nbsp; 
<h2 id="german-government-initiates-massive-btc-sell-off">German Government Initiates Massive BTC Sell-Off</h2> 
<a href="https://www.newsbtc.com/bitcoin-news/bitcoin-crashed-below-55000-but-traders-are-not-fearful-why/">Bitcoin’s consistent price decline</a> has been driven by multiple factors including outflows from Spot Bitcoin ETFs, unfavorable market conditions and <a href="https://www.newsbtc.com/news/bitcoin-mt-gox-starts-200000-btc/">Mt Gox’s BTC redistribution plans</a>. Lately, the cryptocurrency’s price has been further pressured by the <a href="https://bitcoinist.com/us-moves-4000-btc-bitcoin-price-analysis/" rel="nofollow">substantial BTC sell-offs</a> executed by the German government.&nbsp; 
For weeks, Germany has <a href="https://bitcoinist.com/germany-unloads-record-breaking-16000-bitcoin-stash/" rel="nofollow">sold thousands of Bitcoin</a> worth hundreds of millions of dollars. On June 25, blockchain analytics platform Arkham Intelligence <a href="https://x.com/arkhamintel/status/1805542881454633282?s=46" rel="nofollow">reported</a> that the government sold 900 BTC worth about $52 million. They moved 400 BTC to Coinbase and Kraken and transferred the rest to an unidentified address.&nbsp; 
Additionally, last week the German government <a href="https://x.com/arkhamintel/status/1808796101975175473?s=46" rel="nofollow">executed</a> another major Bitcoin sell-off, transferring a whopping 3,000 BTC valued roughly at $172 million to exchanges. The government moved 1,300 BTC to Kraken, Bitstamp, and Coinbase and sold the rest to an unknown wallet address.&nbsp; 
The most recent BTC transaction was on Monday, June 8, when the German police sold an additional 2,738.7 BTC worth approximately $155.3 million.&nbsp;Arkham Intelligence revealed that the Bitcoin was likely&nbsp;<a href="https://bitcoinist.com/german-govt-continues-to-offload-bitcoin-holdings/" target="_blank" rel="noopener nofollow">sold to crypto exchanges</a> or market makers, including Kraken, Cumberland, 139Po, and address bc1qu.&nbsp; 
As of writing, the German government still holds a staggering amount of Bitcoin. Arkham’s <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="nofollow">data</a> has revealed that the government’s holdings amount to 26,053 BTC valued at approximately $1.49 billion.&nbsp; 
Despite the <a href="https://www.newsbtc.com/bitcoin-news/social-media-sell-bitcoin-crashes-54000-buy/">BTC’s recent crash</a>, the German government Bitcoin continues to sell their BTC holdings at a rapid pace. Joanna Cotar, a member of the German Bundestag, the National parliament of the Federal Republic of Germany, has shown her displeasure with the government’s decision to <a href="https://bitcoinist.com/why-the-us-and-german-government-selling-bitcoin-isnt-a-big-deal/" rel="nofollow">sell off their BTC holdings</a>. 
Cotar <a href="https://bitcoinist.com/german-mp-strongly-opposes-governments-bitcoin-sale/" rel="nofollow">disclosed</a> that the government should be strategically holding BTC and not selling them off. She disclosed that their recent BTC sell-offs were counterproductive and not sensible, urging the government to utilize their BTC as a strategic reserve currency.&nbsp;&nbsp; 
<h2 id="bitcoin-price-update-after-crash">Bitcoin Price Update After Crash</h2> 
Over the past week, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-cash-to-57000-traders/">Bitcoin’s price fell</a> by a substantial 8.71% after crashing by 17.10% in the past month. This decline has been attributed to <a href="https://bitcoinist.com/german-us-governments-bitcoin/" rel="nofollow">unabating selling pressures</a> and recent bearish trends in the crypto market.&nbsp; 
Since the beginning of June, Bitcoin’s price movements have been <a href="https://bitcoinist.com/bitcoin-price-tragic-june/" rel="nofollow">displaying weakness and underperforming</a> significantly. Despite inflows into Spot Bitcoin ETFs, Bitcoin had remained volatile under the $60,000 price mark, showing minor upward momentum.&nbsp; 
Including the <a href="https://bitcoinist.com/germany-shakes-up-crypto-market-with-1500-btc-move/" rel="nofollow">German government’s BTC sell-offs</a>, crypto analyst, Ali Martinez has also revealed in an <a href="https://x.com/ali_charts/status/1809101149586285000?s=46" rel="nofollow">X post</a> that Bitcoin whales have sold over 30,000 BTC worth approximately $1.8 billion in the past month. This 30,000 BTC sell-off which surpasses the <a href="https://bitcoinist.com/justin-sun-offers-buy-germanys-bitcoin-stash/" rel="nofollow">German government’s current Bitcoin holdings</a> has contributed significantly to Bitcoin’s decline to its present price of $57,039, according to CoinMarketCap.&nbsp; 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/9Gy9O8Kl/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1578">

German Triggers Bitcoin Crash With Rapid Selling: Here’s How Much BTC They Have Left

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