The German Government (BKA) has sold more than $54 million worth of Bitcoin using a labeled cryptocurrency wallet.
On June 25, the German government’s wallet completed three separate transactions, selling a total of 900 Bitcoin (BTC). The first transaction, sending 200 BTC, was made to the Coinbase exchange, while the second 200 BTC transfer was sent to the Kraken exchange. The third transaction, worth 500 BTC or over $30 million, was sent to wallet “139Po,” the owner of which remains unknown, according to on-chain intelligence provider Arkham Intelligence.
Although the owner of wallet “139Po” remains a mystery, this is not the first time the German government has interacted with it. The German government previously sent 800 BTC to the address on June 20 and another 500 BTC on June 19, just six days ago. Following these transactions, the wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
The government-labeled wallet currently holds over $2.8 billion worth of BTC, which could introduce significant selling pressure and potentially affect Bitcoin’s price, which is currently trading just above $61,000.
According to popular analyst Willy Woo, technical chart patterns suggest that Bitcoin might experience a correction lasting up to four weeks before its price rally resumes. The analyst wrote in a June 22 post to his over 1.1 million followers.
The German government-labeled wallet first raised suspicions of potential Bitcoin selling on June 19, when it executed a 6,500 BTC transfer worth over $425 million. Additionally, the majority of the Bitcoin in the wallet has been transferred to centralized exchanges (CEXs), which indicates that the government may be looking to sell Bitcoin.
The funds in the wallet are believed to have been seized from the pirated movie website operator Movie2k. However, more Bitcoin selling pressure could be introduced in July, as the collapsed cryptocurrency exchange Mt. Gox announced that it would start repaying its defunct users, who are owed more than $9.4 billion worth of Bitcoin.