- Bitcoin (BTC) price drops below $56,000 as German government sells off more BTC
- According to on-chain data, Germany sent more than 16,000 BTC to exchanges on Monday, the largest single-day transfer volume ever.
The Bitcoin price fell back below $56,000 on Monday, down about 2% at the time of writing, as BTC selling fever in Germany reached new levels.
More than 16,000 BTC were transferred to cryptocurrency exchanges on Monday, according to on-chain data tracking the German government’s Bitcoin holdings, the largest amount ever transferred from a government-controlled wallet in a single day.
Selling intensified as 2,700 BTC, 5,200 BTC, and 8,100 BTC were transferred in succession over the course of two hours.
“The German government sent another 5,200 BTC ($297.3 million) to Kraken, Bitstamp, Coinbase, and 139Po right after we posted this tweet. This is their biggest single day so far, bringing the total to over 16,000 BTC,” the Arkham team posted to X.
Bitcoin price falls amid selloff
Bitcoin’s price fell from an intraday high of $57,877 to around $55,130 in response to the sell-off that has continued for the past few weeks.
Germany seized 50,000 Bitcoins from Movie2k earlier this year. The sell-off has accelerated over the past few days, with the total holdings plummeting to 23,787 BTC at the time of writing. Bitcoin’s value surpassed $3.6 billion in March as BTC prices surged to all-time highs.
However, with more than half of the coins sold and the BTC price hovering around $55,800, the total value of BTC fell to $1.34 billion.
The price of Bitcoin fell more than 10% last week.