Bitcoin Drops As German Government Transfers 4,837 BTC

German government dumps BTC to crypto market maker Cumberland DRW and Flow Traders, crypto exchanges Coinbase, Bitstamp, and Kraken and other wallet addresses. This extended today’s Bitcoin selling spree to over 4,837 BTC. The selling by Germany’s government became one of the factors for BTC price dropping to $53k and further drop will continue to maintain a panic in the crypto market.

Germany Govt Moves Over 4,837 BTC

According to on-chain data platform Arkham, the German government transferred 133.723 BTC worth nearly $7.63 million to crypto market maker Cumberland DRW on July 8. Germany’s government made two transfers to Cumberland, with an initial transfer of 0.001, likely a test transfer to follow with large transfers in the future.

The wallet address linked to the German Government (BKA) has dumped and transferred over 4,837 BTC to crypto exchanges such as Coinbase, Bitstamp, Kraken and other wallet addresses starting with 139PoP and bc1qu3.

The government still has 35,488 BTC worth an estimated $2.03 billion. These dumps by the wallet address triggered a panic selloff among investors, creating a bearish sentiment. The recent transfer is part of a larger trend and hinted at further selloffs to Cumberland DRW in the coming days.

Since July 1, the German government has moved 6.37K BTC valued at approximately valued at $494.45 million (from $2.81 to $2.32 billion).

Also Read: Matrixport Reveals Ethereum ETF Launch Timeline, Bernstein Targets ETH To $6,600

Bitcoin Drops Below $57,000

BTC price recovered 5% from the 24-hour low of 54,321. However, price dropped as Germany government sent BTC to crypto market makers and crypto exchanges. Bitcoin price currently trades at $56,972 after hitting an intraday high of 58,178.

Furthermore, the trading volume has increased further by 58% in the last 24 hours, indicating a rise in interest among traders. Traders must keep an eye on the $58Kk-$60k range because sellers will defend this zone.

Also Read: Bitcoin MVRV Turns Negative First Time Since March 2023, End of Bull Run Soon?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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