A crypto wallet linked to the German government has offloaded over $54 million worth of Bitcoin (BTC).
On June 25, three separate transactions were executed from this wallet, selling 900 Bitcoin.
The transactions were distributed as follows: the first transaction of 200 BTC was directed to the Coinbase crypto exchange, and another 200 BTC was transferred to Kraken. The third and largest transaction, involving 500 BTC, valued at more than $30 million, was sent to an unknown wallet, "139Po."
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This is not the first interaction between the German government and the "139Po" wallet, as it had sent a combined 1,300 BTC to this address on June 19 and June 20.
The government's wallet still retains 46,359 Bitcoin worth over $2.8 billion despite these large transactions, as per Arkham Intelligence.
These funds are believed to have originated from the seizure of assets tied to Movie2k, a now-defunct pirated movie website, in February 2024.
These holdings of the German government raise concerns about potential market impacts. With Bitcoin trading just above $61,000 and experiencing a 6.54% decline over the past week, there is speculation that further sales could push the price below the $60,000 threshold.
Bitcoin analyst Willy Woo has suggested that Bitcoin might face a cooling-off period lasting up to four weeks.
Further potential selling pressure looms with the upcoming repayments from the collapsed crypto exchange Mt. Gox. Over $9.4 billion worth of Bitcoin is expected to be distributed to approximately 127,000 creditors in July.
The German government's recent Bitcoin transactions and the anticipated Mt. Gox repayments underscore significant factors that could influence Bitcoin's market dynamics in the coming weeks.
