Germany Sells 900 Bitcoin, 400 to Coinbase and Kraken
Germany sells 900 Bitcoin cryptocurrency wallets named “German Government (BKA)” and has been responsible for more than 54 million dollars worth of Bitcoin transactions. On June 25, the German government’s wallet received three transfers totaling 900 Bitcoin BTC, equivalent to $61,468.
The Coinbase exchange received a transaction involving 200 Bitcoins, while the Kraken exchange received a second transaction involving 200. Despite this, the on-chain intelligence firm Arkham Intelligence claimed a third transaction was sent to an unidentified wallet called “139Po,” with a value of 500 BTC (equivalent to more than $30 million).
However, the identity of the pocketbook, known as “139Po,” is still unknown. The German government has previously dealt with these issues. Two Bitcoins, one worth 800 on June 20 and the other for 500 six days earlier, were delivered to the German government’s official address. After today’s transactions, the wallet is still possessed by 46,359 Bitcoin, as stated by Arkham Intelligence.
Will Germany devalue Bitcoin below $60,000?
Germany Sells 900 Bitcoin With more than $2.8 billion worth of Bitcoin housed. With the government-labeled wallet, the price of Bitcoin could drop below. The psychological level of $60,000 if selling pressure significantly increases. According to data provided by Bitstamp, Bitcoin was trading slightly above $61,000 as of 9:40 a.m. UTC.
This represents a continuation of a downward trend that began at 11 percent lower. The monthly chart is more than 7 percent lower than the weekly chart. Willy Woo, a well-known expert, has hypothesized that the price of Bitcoin will undergo a correction that may last as long as four weeks before continuing its upward trend.
“Following this model… very likely another one to four weeks of cooling down before Bitcoin price action is sufficiently dul. The analyst stated in a post sent out on June 22 to his more than 1.1 million followers on X. The total number of gamblers who are actively participating in the market is shown in the figure.
More German and Mt. Gox Bitcoin Selling Pressure?
As of today, February 7, 2025, Bitcoin (BTC) is worth around $96,924. However, this has changed by 1.22% since the previous day. In mid-2024, the German government sold around 50,000 BTC, whizzed from Movie2k, a defunct piracy website, netting €2.64 billion ($2.89 billion).
The sale was executed in phases over several weeks to limit market disruption. Analysts speculated that the large-scale liquidation could negatively impact Bitcoin’s price. Still, with so much cash and effort invested, the systematic approach would also benefit liquidations. That size is because it can be handled without central downward price pressure.
Final Thoughts
This is an example of how large-scale institutional liquidations can affect crypto. The sell-off of 900 BTC, in tandem with large-scale liquidations in the past, adds fuel to concerns about Bitcoin’s price stability, especially the psychological barrier of $60k. Although on-chain intelligence companies monitor transactions, the speculation surrounding the wallet “139Po” adds mystery to the scenario.
Bitcoin has previously shaken off sell-off fears. According to analysts such as Willy Woo, we may be entering a period of cooling off, and they also suggested that we can rebound from here, still keeping in mind that Bitcoin’s long-term trajectory remains bullish. Moreover, coupled with the systematic liquidation, it lessens extreme volatility.
