The German government has intensified its Bitcoin sell-off. It transferred 282.74 BTC to major exchanges on Tuesday. The value was approximately $17.64 million.
The transfers occurred at 4:20 p.m. Central Indonesian Time. They were made to Bitstamp, Coinbase, and Kraken.
This action follows a broader divestment trend. Over 3,000 BTC have been moved to exchanges in the past two weeks.
Germany's Bitcoin holdings have decreased significantly. On June 22, they were valued at $3.06 billion. This represented 47.18K BTC at $64,827 per coin. By July 2, the value had dropped to $2.89 billion. The price had fallen to $62,671, and holdings reduced to 46.19K BTC.
The government has sold nearly 1,000 BTC in the last 10 days. This represents a decrease of about $163.5 million in Bitcoin holdings.
The government may be capitalizing on high prices or adjusting financial strategies. The sale of over 3,000 BTC in two weeks indicates significant market activity.
This trend could impact market sentiment and price stability. Large amounts of Bitcoin are entering the market through major exchanges.
Raj A. Kapoor, Founder of the Blockchain Governance Council, commented on the potential market impact. He told Decrypt, "This will result in short-term volatility as large transfers can cause short-term price fluctuations as traders react to the news."
Kapoor added that such movements can create uncertainty among investors. A government moving large amounts of Bitcoin could be seen as a lack of confidence or a precursor to regulatory actions.