Germany’s Bitcoin Holdings Drop Below 10,000 BTC After Selling 3,100 Coins
As of Wednesday at 9:50 a.m., the German government held 13,110 BTC, which decreased to 9,925 BTC by Thursday at 8:30 a.m., bringing their holdings below 10,000 bitcoins.
Overnight and into the morning, Germany’s bitcoin wallets sold 3,185 BTC valued at over $188 million. According to Arkham Intelligence data. Transactions primarily involved familiar platforms like Coinbase, Bitstamp, Kraken, and Cumberland. Despite overpaying network fees averaging 18.1 sat/vB compared to the typical 6 sat/vB fee.
With Bitcoin’s price above $59,000 as of Thursday morning, Germany’s remaining BTC holdings are valued at approximately $587 million. The government’s strategic divestitures and high network fees suggest focused financial management, possibly driven by broader economic strategies or immediate fiscal requirements, although specific motives remain undisclosed.
Clever Robot News Desk 14th July 2024
