German Government Sells Over $54 Million in Bitcoin

In a significant move, a cryptocurrency wallet labeled “German Government (BKA)” has sold over $54 million worth of Bitcoin. The wallet executed three individual transactions on June 25, selling a total of 900 Bitcoin (BTC).

The first transaction of 200 BTC was sent to the Coinbase exchange, followed by another 200 BTC transfer to the Kraken exchange. The third and largest transaction, involving 500 BTC (valued at over $30 million), was sent to an unknown wallet identified as “139Po,” according to onchain intelligence provider Arkham Intelligence.

Interestingly, this isn’t the first interaction between the German government and wallet “139Po.” Previous transactions include the transfer of 800 BTC on June 20 and another 500 BTC on June 19.

Despite these large sales, the government-labeled wallet still holds 46,359 Bitcoin, valued at over $2.8 billion. This substantial holding could potentially exert significant selling pressure on the market, with the potential to drive Bitcoin’s price below the key $60,000 psychological mark.

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