The German government continues to transfer bitcoins to central exchanges with the intention of selling them.
According to data from on-chain analytics platform Arkham, 250 bitcoins were transferred to Bitstamp and 250 bitcoins to Coinbase from addresses listed as belonging to the German government. At current prices, the total is close to $28 million.
An additional 500 bitcoins were sent to an unlabeled address that likely belonged to a centralized cryptocurrency exchange or OTC service.
The German government currently holds 38,826 bitcoins in known addresses, worth a total of $2.17 billion.
Germany’s weeks-long sell-off hasn’t been popular with everyone in the country’s government, with German Bundestag member Joanna Cottar harshly criticizing the government’s decision to “hasty” sell off its Bitcoin holdings instead of pursuing a comprehensive Bitcoin strategy.
“As is already being discussed in the US, our government is selling off Bitcoin in large quantities instead of holding it as a strategic reserve currency,” the independent lawmaker and Bitcoin advocate wrote last Thursday, calling it “unreasonable” and “counterproductive.” (Translated)
According to The Block’s Bitcoin price page, the Bitcoin price is down 3.34% for the day. The price has been in a general downtrend in recent weeks.
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