![German government offloads additional 1,500 BTC](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/07/bitcoin-germany-.jpg&w=70&h=37&q=75)
Quick Take
According to Lookonchain, utilizing data from Arkham Intelligence, the German government has offloaded an additional 1,500 BTC, valued at $94.7 million, on July 1.
Out of these 1,500 BTC, 400 BTC have been moved to major exchanges such as Bitstamp, Kraken, and Coinbase. This activity forms part of a broader trend, as the German government currently holds 44,692 BTC ($2.82 billion) and has been gradually offloading its Bitcoin holdings.
This transfer continues the sell-off initiated last week, reflecting the government’s strategic move to reduce its Bitcoin reserves.
The exact reasons behind these sell-offs remain unclear, but they are likely intended to raise capital to fund operations.