According to Blockchain Intelligence company Arkham Bitcoin, the German government missed the worth of greater than 2 billion US dollars for the sale of its participations in 2024.
A “German government (BKA)”, named cryptocurrency, sold 49,858 Bitcoin (BTC) value over 2.89 billion US dollars at a median price of $ 57,900 in several transactions in June and July in 2024.
According to the Crypto Intelligence Platform Arkham, the choice to sell Bitcoin early cost over 2.35 billion US dollars.
Source: Arkham
“If they’d captured it, their BTC would now be a worth of 5.24 billion,” said Arkham in a post on May 19 and located that Bitcoin has increased greater than 80% because the sale.
At the time of publication, Bitcoin was traded with greater than $ 104,700 based on CoinmarketCAP data.
For the primary time, the German government marked speculation a few potential sale on June 19, 2024 when it carried out a transfer of 6,500 BTC value over $ 425 million.
The wallet originally kept around 50,000 BTC, which was assumed that it was confiscated by the operators of Movie2k, a movie location, which has now been dissolved.
The German government fell the sale to maximise liquidity
According to Miguel Morel, founding father of Arkham Intelligence, the sales patterns of the selling pocket sale indicate hasty transactions which have not been optimized for the smallest market effects and the very best profitability.
“The last item I expected is that they’d only go to 5 different stock exchanges and sell the market,” Morel said during an interview at ETHCC 2024 and added:
“The incontrovertible fact that they go to so many alternative stock exchanges[…]””
The reports on the German government's Bitcoin liquidations can have contributed more to the downward trend of Bitcoin than to the Bitcoin sold.
The prize of Bitcoin recovered on July 14th, at some point after the German-state wallet ended the BTC, the $ 60,000-psychological brand and ended the insecurity of the investor with further sales pressure.
