Germany’s Bitcoin Whirlwind: $1B Dump Followed by $305 Million Buyback
- The German Government reclaims $305 million in Bitcoin from major exchanges.
- Authorities’ Bitcoin wallet now holds 22,846 BTC valued at $1.32 billion.
- They have dumped 22,763 Bitcoin, estimated at around $1.31 billion since June.
In a surprising reversal of sorts, the German government is buying back hundreds of millions of dollars worth of Bitcoin just a day after dumping nearly $1 billion of the cryptocurrency. This unexpected move has sparked speculation and renewed interest in the government’s cryptocurrency strategy.
Data from Arkham Intelligence shows that the authorities’ Bitcoin wallet repossessed 1,692 BTC tokens in three transactions from the Bitstamp exchange just two hours ago.
The reclaimed Bitcoin was valued at $96.83 million at the time of the transaction, bringing the government’s Bitcoin holdings to 26,053 tokens worth $1.5 billion at the time. This wasn’t their only Bitcoin buyback in the last 24 hours.
Specifically, the German Government reclaimed at least 1,943 Bitcoins worth $110.75 million from Kraken, 300 BTC from Coinbase, and 1,250 BTC from Bitstamp earlier. Cumulatively, authorities have reacquired 5,365 BTC tokens valued at over $305 million in the past 24 hours.
However, the German Government has also sold more Bitcoin assets following these inbound transactions. As recently as nine minutes ago, at the time of reporting, their wallet sent a massive 2,500 Bitcoin worth $143.89 million to an OTC entity address.
Simultaneously, authorities transferred approximately 707 BTC tokens to an anonymous address, market maker Cumberland, and U.S. exchange Kraken. This represents a total of 3,207 Bitcoin worth $184 million moved for liquidation since their most recent buyback transaction from Bitstamp.
Currently, the German Government holds 22,846 BTC valued at $1.32 billion. Their wallet held 45,609 tokens last month, implying they have sold 22,763 Bitcoin assets estimated at around $1.31 billion, assuming an average liquidation price of $57,500 per BTC.
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