Germanys government moves another 52M worth of Bitcoin raising concerns of increased selling pressure on BTC

A cryptocurrency wallet labeled as belonging to the German Government (BKA) has recently sold $52 million worth of Bitcoin, leading to speculation that the government is offloading its significant Bitcoin holdings. On July 2, the wallet associated with the German government conducted four separate transactions, transferring a total of 832.7 BTC. According to Arkham Intelligence, the wallet sent 100 BTC to Coinbase, 150 BTC to Bitstamp, and over 32 BTC to Kraken. The majority of the funds, 550 BTC worth over $32 million, was sent to a wallet identified as “139Po,” which has previously received funds from the German government. This wallet received 500 BTC on June 25 and 800 BTC on June 20. Monitoring the selling activities of large Bitcoin holders can provide valuable insights into price movements, as significant sell orders can exert downward pressure on prices.
Furthermore, the BKA-labeled wallet, which currently holds over 43,850 BTC valued at more than $2.75 billion, could potentially contribute to further selling pressure on Bitcoin’s price. Over the past month, the price of Bitcoin has experienced a downtrend, declining by 7.3%. On June 24, BTC reached a local bottom just above $58,450 before rebounding to its current level of around $62,000. Bitcoin has found substantial support at the $61,500 mark, but a drop below this level could trigger the liquidation of leveraged long positions worth over $1 billion across various exchanges, as reported by Coinglass. The recent transfers to centralized exchanges indicate that the German government may be considering selling its Bitcoin holdings. Cointelegraph has reached out to Germany’s Federal Criminal Police Office (BKA) for comment. This government-labeled wallet initially drew attention on June 19 when it conducted a transfer of 6,500 BTC worth over $425 million. Prior to this transfer, the wallet had held nearly 50,000 BTC since February 2024, with the funds believed to have been seized from Movie2k, a pirated movie website operator.