The German government recently transferred bitcoins (BTC) valued at over $175 million to exchanges and currently holds 40,359 BTC in marked addresses on the blockchain, with a total value of approximately $2.3 billion.
(Background:
The fall of Bitcoin below $60,000? Analyst: Mt. Gox’s initiation of repayments triggered selling pressure, liquidating 90,000 people for $220 million.)
(Additional Background:
Crypto community’s heavy losses》100,000 people liquidated for $260 million, vowing ‘to trade coins together in the next life.’)
The German government has recently moved bitcoins worth over $175 million to several cryptocurrency exchanges, including Coinbase, Kraken, and Bitstamp. This national-level selling pressure is considered one of the reasons for the continuous market downturn. German Bundestag member Joana Cotar has strongly criticized this decision, believing it will have a long-term negative impact on the stability of the cryptocurrency market.
German MP: Consider the strategic significance of BTC
In a series of tweets, German Bundestag member Joana Cotar strongly condemned the government’s recent large-scale sale of bitcoins. She believes that this move is counterproductive and compared it with the United States’ strategic perspective on Bitcoin.
Joana Cotar pointed out that in the United States, Bitcoin is regarded as a strategic reserve currency, while the German government’s sale appears shortsighted. She expressed her concerns to Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Federal Minister of Finance Olaf Scholz, urging them to reconsider this strategy.
It is understood that the sale of bitcoins by Germany originated from the investigation of the illegal movie streaming website Movie2k.to, during which approximately 50,000 bitcoins were seized, currently valued at over $3 billion.
According to blockchain intelligence company Arkham Information, in the past two days, the German government has transferred 1,300 BTC (about $76 million) to exchanges such as Kraken, Bitstamp, and Coinbase. They also moved 1,700 BTC (about $99 million) to address 139Po. These funds may be transferred to institutional services or over-the-counter (OTC) trading deposits. The German government still holds 40,359 BTC in marked addresses on the blockchain, with a total value of approximately $2.3 billion.
Germany holds approximately $2.3 billion in bitcoins
Sun’s Generous Offer: I’ll Take All of Germany’s BTC
Amid the fall in Bitcoin prices and the German government’s transfer of millions of dollars worth of bitcoins, Tron founder Justin Sun announced on X that he is prepared to purchase the remaining bitcoins from the German government. Justin Sun’s proposal is to buy all of Germany’s bitcoins through OTC transactions to minimize the impact of these bitcoins entering the market on prices.
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