German Government Depletes Bitcoin Reserves, Wallet Now Empty

The German government has made headlines in the Bitcoin market after officially depleting its Bitcoin reserves, selling off its entire stash of 3,846.05 BTC worth approximately $223 million. This massive selling spree comes just months after the government held 50,000 BTC in its wallet, marking a significant shift in their cryptocurrency holdings.

Data from market intelligence firm Arkham reveals that the German government transferred its remaining Bitcoin to Flow Traders and 139Po, likely for over-the-counter (OTC) services. This move has left the government’s wallet empty, with zero BTC remaining, as shown in the image below.

An analysis by data researcher Jay shows that Germany sold a staggering 42,000 BTC in just one week, averaging 250 BTC per hour over 168 hours. This consistent selling pressure from the German government has been attributed to a 25% price retracement in Bitcoin, with the cryptocurrency hitting a low of $53,500 not seen since February.

Market observers are now closely monitoring the passive flow of Bitcoin to gauge if the market has absorbed the recent sell pressure. Analysts are looking at key support levels, with Crypto Trades noting that Bitcoin is attempting to regain support from the May lows. Meanwhile, Ali Martinez has identified a bullish sentiment surrounding Bitcoin’s outlook, indicating a shift in investor sentiment after an extended distribution phase since April.

At the time of writing, Bitcoin is trading at $57,600, remaining in a range between $57,600 and $59,000 for the past two days. The market continues to watch for signs of a potential reversal or further price movements in the coming days.