The German government has continued their Bitcoin sale, transferring another 595 BTC to major cryptocurrency exchanges. The move is part of a series of recent sales of addresses linked to German authorities.
In total, more than 2,000 BTC have been sold from this address in the last few days. Plus it happens in the middle of the current market tension. This continued selloff suggests that the German government may not be done selling their Bitcoin holdings just yet.
PeckShield, a blockchain security company, reported that an address often associated with the “German Government” was found to have transferred 750 BTC (worth about $46 million) in a recent transaction. The bulk of this transfer includes 595 BTC worth approximately $36.5 million, distributed on major exchanges.
Bitstamp and Kraken each received 125 BTC, while Flow Traders, a global trading firm, received the bulk of the BTC amount at 345 BTC. Kraken appears to be the exchange of choice for this transfer, as it also received 200 BTC in yesterday's 400 BTC sale.
Even with this selling issue, Germany's Bitcoin holdings have risen significantly. The latest was valued at $2.76 billion, including $1.1 billion in unrealized gains. Although some analysts believe this to be a factor in recent market volatility, the overall impact remains uncertain due to other important market influences.
Bitcoin price has shown resilience, with recently surging above $62,000 before trading slightly above $61,000. At this moment the Bitcoin price is $61,357.22, with a 24-hour trading volume of $23.8 billion. Bitcoin open interest has increased by 0.18% with a valuation of $18.1 billion.
Bitcoin's relative strength index (RSI) is slightly below the 50 RSI zone. With the current position at the 48.6 level, a more bullish presence will push it above the 50 RSI level.