German and US Governments Move Millions in Crypto Amid Market Shifts

German and US Governments Move Millions in Crypto Amid Market Shifts

The German and US governments have moved significant amounts of Bitcoin and Ethereum, indicating a potential continuation of their crypto-selling activities. Data from Arkham Intelligence reveals these large transfers, which could affect the market dynamics this month.

In the last two weeks, German government-associated addresses have transferred over 2,700 BTC, valued at more than $200 million, to centralized exchanges. Market analysts note that these transfers have exerted selling pressure on Bitcoin throughout June.

According to Arkham, the German government recently moved 1,500 BTC worth $94 million to various external addresses. Of this amount, 400 BTC were sent to BitStamp, Coinbase, and Kraken. The remaining BTC was transferred to an unknown address, 139PoPE1, which then moved the funds to another address, bc1q7uz, currently holding over $93 million in BTC. Despite these transactions, the German government wallet still retains 44,692 BTC valued at $2.82 billion. The future plans for these holdings remain unclear, but past activities suggest a gradual selling approach rather than an immediate large-scale liquidation.

The US government also participated in significant crypto movements, shifting focus from Bitcoin to Ethereum this week. A wallet containing funds seized from Estonian Ponzi fraudsters Sergei Potapenko and Ivan Turogin transferred 3,375 ETH worth $11.75 million to a new address, 0x5acX. This transaction, the first from that address in two years, likely indicates an intent to sell the ETH. These funds represent less than 2% of the United States’ Ethereum holdings, which currently exceed 50,000 ETH and around 213,534 Bitcoin.

Despite the increased activity and anticipated sell-offs, Bitcoin and Ethereum have seen price increases of over 2% in the past 24 hours. This positive movement contrasts with their performance in June, where Bitcoin experienced a decline of around 7%.

The gains reflect a bullish sentiment among analysts, with predictions that Bitcoin could reach up to $71,000 this month. Technical analyst Ali Martinez noted that historical data shows Bitcoin’s performance in July often inversely correlates with its price action in June. Thus, the more negative Bitcoin’s performance was in June, the higher the potential rebound in July.

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