The German government has transferred more than 3,000 Bitcoin since 11:11 am UTC, which brings the total volume of BTC moved by the government in the past 24 hours to a substantial amount. This continues the trend of the German government selling off Bitcoin (BTC) that was set on June 19, despite objections from parliamentary members such as German lawmaker and BTC activist Joana Cotar. Cotar urged the government to stop hastily disposing of state-owned Bitcoin and instead adopt a strategic reserve currency to protect against risks associated with the traditional system.
In the last 24 hours, the German government has seen a combined inflow and outflow of over 6,000 BTC, with more than half of that amount being moved out of the wallet. Throughout the day, the address holding 35,488 BTC, valued at over $2 billion, received 4,340 BTC. Of that amount, over 3,000 BTC were transferred to exchanges or unknown addresses.
Cotar expressed her concerns to the German government on July 4, stating that retaining BTC could benefit the country by diversifying its treasury assets, promoting innovation, and hedging against inflation. She described the decision to sell off BTC holdings as not only nonsensical but also counterproductive. However, the government proceeded to sell an additional $172 million later that day. The wallet in question initially held over 42,200 BTC worth $2.4 billion, but those values have now decreased to just over 35,400 BTC and $2 billion, respectively.
The recent announcement from the defunct crypto exchange Mt. Gox about repaying its BTC and Bitcoin Cash (BCH) debts has added to the ongoing market sell pressure. The trustee overseeing the Mt. Gox repayments, Nobuaki Kobayashi, stated that repayments would begin in accordance with the Rehabilitation Plan. According to data from MtGoxBalanceBot, the known addresses of the Trustee held over 94,400 BTC, with more than 47,000 BTC moved at the time.