A cryptocurrency wallet labeled as the “German Government (BKA)” has successfully sold more than $54 million worth of Bitcoin. On June 25, the German government’s wallet executed three separate transactions, selling a total of 900 Bitcoin (BTC).
The initial transfer of 200 BTC was sent to the Coinbase exchange, followed by a second transfer of 200 BTC to the Kraken exchange. A third transaction, worth 500 BTC and valued at over $30 million, was sent to wallet “139Po,” the owner of which remains unidentified, according to onchain intelligence provider Arkham Intelligence.
Despite the anonymity of wallet “139Po,” it is not the first instance of interaction with the German government. The German government had previously sent 800 BTC to the address on June 20, and another 500 BTC on June 19. Following the recent transfers, the wallet still retains 46,359 Bitcoin, according to Arkham Intelligence.
The government-labeled wallet holds over $2.8 billion worth of BTC and could potentially introduce significant selling pressure, potentially causing Bitcoin’s price to fall below the key psychological mark of $60,000.
Bitcoin’s price has been experiencing a downward trend, with an 11% decrease on the monthly chart and over 7% on the weekly chart, trading just above $61,000 as of 9:40 am UTC, according to Bitstamp data. According to well-known analyst Willy Woo, technical chart patterns suggest that Bitcoin might undergo a correction lasting up to four weeks before its price rally resumes.
The German government-labeled wallet first raised the possibility of potential Bitcoin selling on June 19, when it executed a 6,500 BTC transfer worth over $425 million. Most of the Bitcoin is being transferred to centralized exchanges, indicating that the government may be considering selling Bitcoin.
Before the transfer, the wallet had held nearly 50,000 BTC since February 2024, believed to have been seized from the operator of the pirated movie website Movie2k. However, July could see more Bitcoin selling pressure, as the defunct cryptocurrency exchange Mt. Gox announced that it would begin repaying its users who have been waiting for over 10 years to recover their funds. This could introduce significant selling pressure for Bitcoin.