Bitcoin

Arkham

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According to cryptocurrency analytics firm Arkham Intelligence, the German government has&nbsp;<a href="https://x.com/ArkhamIntel/status/1812149875150368927" rel="noopener noreferrer nofollow">experienced</a> a 9,000% increase in Bitcoin holdings in a single day.&nbsp;
However, it currently owns an infinitesimal $171 worth of BTC. This modest sum represents various donations from members of the Bitcoin community.&nbsp;
On Sunday, for comparison, the total balance of the closely watched Bitcoin address was just $1.87.
The tongue-in-cheek post sparked hilarious reactions within the cryptocurrency community. "That headline almost gave me a heart attack," one user wrote in response to the post. "Slow but steady accumulation," another user quipped.&nbsp;
As&nbsp;<a href="https://u.today/major-bitcoin-price-headwind-just-disappeared" rel="noopener noreferrer nofollow">reported by U.Today</a>, the German government ran out of Bitcoin on Friday after a relentless selling spree that started in early June.&nbsp;
Saxony, a state in the eastern part of Germany, ended up owning 50,000 Bitcoins earlier this year after they were confiscated from the operators of a popular piracy website. This made Germany one of the top holders of the leading cryptocurrency among different governments.&nbsp;
However, instead of holding all of these Bitcoins, the government started transferring them to various exchanges, putting significant selling pressure on the market.&nbsp;
Plenty of Bitcoin proponents, including independent Bundestag MP Joana Cotar, urged the government not to sell its holdings. However, Saxony did not have any choice since liquidating confiscated assets is a standard practice in Germany.&nbsp;
Now that the German selling spree is over, some Bitcoiners are donating sats to the infamous address in order to troll the government.&nbsp;
In the meantime, the price of the leading cryptocurrency recently climbed back above the $60,000 level.&nbsp;

German Government Suddenly Sees 9,000% Increase in Bitcoin Holdings. There’s a Catch

U_Today

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