Germany Still Holds $2.2B Worth of Bitcoin, Around 10% of its Daily Trading Volume
Germany’s influence on the crypto market continues to draw attention as it holds a significant amount of Bitcoin.
According to data from Arkham Intelligence, the largest economy in the Eurozone still possesses 39,826 BTC, valued at approximately $2.2 billion.
This pending coin stash represents around 9% of BTC’s 24-hour trading volume, which currently stands at $25.3 billion.
Such a substantial amount could potentially lead to further price turbulence in the market.
The country’s substantial Bitcoin stockpile, worth approximately $3 billion, was confiscated from Movie2k.to, a movie piracy website.
In January, German police seized 50,000 BTC from the piracy website, marking it as the “most extensive security of Bitcoins by law enforcement authorities in the Federal Republic of Germany to date,” according to a press release.
Since mid-June, the German government has been gradually liquidating over 10,000 BTC, putting downward pressure on the cryptocurrency’s market rate.
The #German government transferred 1,000 $BTC($55.8M) out again 15 minutes ago, of which 500 $BTC($27.9M) was deposited to #Coinbase and #Bitstamp.
The #German government currently holds 38,826 $BTC($2.17B).https://t.co/h2JlBVFPsL pic.twitter.com/NS5pkMixrj
— Lookonchain (@lookonchain) July 8, 2024
The impact of Germany’s BTC sales has been evident in recent weeks, with BTC’s spot price experiencing a decline of nearly 20%, reaching $55,490, according to CoinDesk data.
In the past seven days alone, prices slipped by approximately 13%.
These market fluctuations have also affected the broader crypto market, as the CoinDesk 20 Index (CD20) dropped almost 14%, settling at 1,870 points within a week.
Recognizing the potential negative consequences, Tron founder Justin Sun
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