A few hours ago, the German government transferred another $5,103 BTC, valued at approximately $300 million, according to SpotOnChain. This transaction marks a significant movement in the German government Bitcoin holdings.
German Government Trades $400M in Bitcoin Over 24 Hours
It has also been noted that in the last 24 hours, the German government has been very much involved in Bitcoin trading and have traded as much as $500 million. This activity covers the withdrawal of 11,410 BTC worth $662 million in BTC at an average price of $58,002 per BTC. In the same period, they got back 2,810 Bitcoins worth $162 million at an average of $57,541 each BTC.
However, the German government continues to own a great deal of Bitcoin even after these recent Nigerian exchanges. They currently have 18,860 BTCs remaining, and at the current exchange rates, those BTCs are worth about $1.11 billion.
Germany’s Bitcoin Moves Show Institutional Market Influence
These movements evidence that the German Government has a crucial stake in the cryptocurrencies industry. Such trading by these companies can even influence the price of Bitcoin and the crypto market.
These cases of government involvement might explain why it is useful to study institutional actions in the relatively new cryptocurrency markets. Another element of interest is the participation of the German government in the Bitcoin market, which still engages in the purchase and sale of this cryptocurrency.
