The German government now holds just $1 worth of Bitcoin. Over the past three weeks, they sent their entire balance of 49,860 BTC to exchanges and market makers. The value of these all Bitcoins is $2.90 billion. This significant move has caught the attention of the crypto community and financial analysts in the crypto market.
Unknown Source Sends 0.0000321 BTC to German Government
Two hours after completing their final Bitcoin transfer, the government received a little amount of 0.0000321 BTC from an unknown source. This nominal amount represents slightly less than two dollars, and therefore Germany holds very little Bitcoins.
Starting from the middle of this year, the German government has been actively moving Bitcoin around. These large transfers have been found responsible for a noticeable dip in the market. This may have affected the market as the large volume of Bitcoin previously held by the government has been sold, leaving a negative effect on its price.
German Government Bitcoin Depletion Raises Market Concerns
The German government has been selling Bitcoin constantly and in high volume and due to this, their Bitcoin assets are almost depleted. For this reason, they are absolutely bare of their Bitcoins. This is a slight shift in their attitude towards crypto assets and might affect other trading behaviors.
This has raised questions as to why such an aggressive Bitcoin liquidation has happened and what the consequences will be on the crypto market. For now, the German government only has $1 worth of Bitcoin, a sharp drop from their previous positions.
