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The German government started the day by selling off more of its Bitcoin assets, reducing the total assets held in the German BKA-linked wallet to 6,146 at the time of the report.
This means that the German government has sold 87.6% of its initial stash of 50,000 BTC.
The global crypto community closely monitors the on-chain activities of the German authorities due to their impact on the price of crypto assets, especially Bitcoin.
According to blockchain data from Arkham Intelligence, the German government sold a total of 3,450 BTC to various platforms.
The on-chain data also showed that the German government transferred 400 BTC each to Bitstamp, Kraken, and Coinbase, while 1000 BTC and 500 BTC were transferred to unknown wallets.
The latest transaction by the German BKA wallet is a 748.251 BTC transfer to a wallet owned by Cumberland DRW, a cryptocurrency trading division of DRW holdings.
This leaves the German BKA wallet with a little over $351 million worth of BTC left from an initial asset of over $2 billion.
Crypto analyst Michael Van de Poppe shared his reaction to this development, predicting that the German government might sell off its entire Bitcoin holdings today.
He also noted how Bitcoin has been able to absorb the selling pressure and still maintains a price of around $60,000.
Crypto analyst and co-founder of Apollo Satts Thomas Fahrer questioned why the German government was selling its Bitcoin assets for fiat money that could easily be printed.
