During the 2024 UEFA European Championship, the German team lost to Spain for the first time in the quarter-finals (previously advanced to the semi-finals four times in a row), and Sun Yuchen, the founder of Polkadot, mocked on X, suggesting that the reason might be that the German government sold too much Bitcoin.
UEFA Euro 2024, also known as the “European National Cup,” is being held in Germany from June 14th to July 14th. In today’s quarter-finals, Spain defeated the host Germany 2-1 in extra time, advancing to the final four. This is the first time Germany has failed to advance in the quarter-finals (previously advanced to the semi-finals four times in a row), leaving football fans very disappointed.
Facing Germany’s defeat, Polkadot founder Sun Yuchen mocked this morning on X, saying that since June 19th, the German government has been continuously transferring a large amount of Bitcoin to exchanges, bringing significant selling pressure to the market. On July 4th, Sun Yuchen even boldly announced on X: “I am willing to negotiate with the German government to purchase all BTC off-exchange to minimize the impact on the market.”
Germany has transferred nearly $600 million worth of BTC. In mid-January of this year, the German government confiscated nearly 50,000 Bitcoins from the pirated movie website Movie2k, becoming the largest cryptocurrency seizure case in German history. According to online analyst Yu Yan, the German government has transferred a total of 9,332.3 BTC (in nine transfers) from June 19th to now, worth about $572 million, with an average transfer price of $61,306.
Currently, Arkham data shows that the German government still holds 40,526 Bitcoins, worth about $2.29 billion. Whether this will continue to affect Bitcoin remains to be seen.
Recent large transfers of BTC entities|Source: @EmberCN
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