The German government sold $419,286,862 worth of Bitcoin today, but the price soared

The German government shows no signs of letting up on its ongoing selling of Bitcoin via cryptocurrency exchanges, market makers and some anonymous entities.
Earlier today, a Bitcoin address associated with the German government transferred 1,000 BTC tokens worth $55.8 million to an external wallet. Beneficiaries included leading exchanges Bitstamp and Coinbase as well as an anonymous wallet suspected to be an over-the-counter (OTC) entity.
At the time of Bitcoin’s sale, the major asset was battling bear market volatility and was trading around $55,000. After a round of selling in the morning, the German government’s Bitcoin portfolio fell to 38,826 BTC worth $2.17 billion.
However, data from market tracking platform Arkham Intelligence suggests the government has bigger plans to liquidate more Bitcoin today. In the hours since the selling spree began, their Bitcoin addresses moved another 1,738.7 BTC to more external wallets. In subsequent trading, it interacted with the new entity for the first time since the selling action began in June.
Arkham noted that the new entities include institutional market maker Cumberland and an anonymous wallet with the initials “bc1qu.” According to the disclosure, the German government has transferred 2,738.7 BTC worth $155 million.
German Government Sells $419 Million in Bitcoin, But Markets Are Bullish
However, the latest data shows that government addresses have sold more Bitcoin assets, with some transactions reported as little as 17 minutes after the last check.
At last check, their Bitcoin holdings had fallen to 32,488 worth $1.86 billion. Basically, the German government has sold as many as 7,338 Bitcoin tokens today at press time, worth $419 million based on Bitcoin’s current value.
As of June, their wallet balance was 45,609 BTC. The latest figure of 32,488 means that authorities have liquidated 13,121 bitcoins since last month.
Interestingly, their recent selling came at a time when Bitcoin’s value was recovering, contrary to the usual bearish momentum against government Bitcoin actions. Specifically, Bitcoin is currently trading at $57,139.12, a significant increase from its earlier low of $54,321. Notably, Bitcoin hit an intraday high of $58,100 before retracing back to around $57,000.
Prior to this, the German government's unyielding Bitcoin liquidation had already caused panic in the cryptocurrency community. However, the fear associated with it seems to be fading as the market is more bullish than bearish today.
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