Bitcoin

Arkham

Million

The German government’s cryptocurrency wallet executed a series of significant Bitcoin sales on June 25, totaling over $54 million. According to onchain data provided by Arkham Intelligence, these transactions included 900 Bitcoins sold in three separate transactions throughout the day. 
<a href="https://platform.arkhamintelligence.com/explorer/entity/germany" rel="nofollow noopener" target="_blank">This large-scale transfer</a> involved two notable cryptocurrency exchanges, Coinbase and Kraken, with 200 BTC sent to each, while a third, larger transaction of 500 BTC, valued over $30 million, was directed towards an unverified wallet known as “139Po”. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-06/90d8fb21-a02e-43fa-8d12-e95ef442c77e.png" alt="90d8fb21 a02e 43fa 8d12 e95ef442c77e" title="German Government's $54 Million Bitcoin Transaction Raises Market Concerns 12"> 
This isn’t the first interaction between the German government’s wallet and the “139Po” address; previous transactions were recorded on June 20 and June 19, sending 800 BTC and 500 BTC respectively. 
Despite these substantial outflows, the government’s wallet reportedly still holds a staggering 46,359 Bitcoins, valued approximately at $2.8 billion. 
<img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-06/c5e23eda-5a50-43f1-a474-dcd8405850bd.png" alt="c5e23eda 5a50 43f1 a474 dcd8405850bd" title="German Government's $54 Million Bitcoin Transaction Raises Market Concerns 13"> 
These holdings position the German government as a significant player whose actions could potentially sway market dynamics. 
<h2 id="germany-s-market-impact-on-bitcoin">Germany’s market impact on Bitcoin</h2> 
Market analysts are keeping a keen eye on these developments, especially as the <a href="https://crypto.ro/en/cryptocurrencies/bitcoin">Bitcoin</a> price continues to show signs of pressure. Over the past month, Bitcoin has declined by 11%, and in the last week alone, it has dropped by more than 7%, trading just above $61,000. 
The recent activity raises concerns about possible further declines, especially under the shadow of potential sales by major stakeholders like the German government and the upcoming repayments by the defunct Mt. Gox exchange to its creditors.

German Government’s $54 Million Bitcoin Transaction Raises Market Concerns

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