A cryptocurrency wallet labeled by the German Government (BKA) has sold over $54 million worth of Bitcoin.
On June 25, the wallet executed three transactions, offloading a total of 900 Bitcoin. The first transaction, involving 200 BTC, was sent to the Coinbase exchange, while the second, also of 200 BTC, was directed to the Kraken exchange.
The third transaction, amounting to 500 BTC, worth over $30 million, was sent to an unknown wallet labeled “139Po,” as reported by Arkham Intelligence.
Although the identity of wallet “139Po” remains a mystery, it has previously interacted with the German government’s wallet.
On June 20, 800 BTC were transferred to “139Po,” following a 500 BTC transfer on June 19.
After the latest transactions, the German government-labeled wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.
There are concerns that the German government’s actions might impact Bitcoin’s price, potentially pushing it below the $60,000 mark.
The wallet currently holds over $2.8 billion worth of Bitcoin, which could exert significant selling pressure.
Bitcoin’s price has been on a downtrend, dropping 11% over the past month and more than 7% in the past week, hovering just above $61,000 as of 9:40 am UTC, according to Bitstamp data.
Popular analyst Willy Woo suggests that Bitcoin might undergo a correction lasting up to four weeks before resuming its price rally.
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In a June 22 post on X to his 1.1 million followers, he wrote: “Eyeballing this model… probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”
On June 19, suspicions about potential Bitcoin selling were sparked when the government-labeled wallet transferred 6,500 BTC, valued at over $425 million.
The majority of Bitcoin from the government’s wallet is being sent to centralized exchanges, indicating potential sales.
Prior to these transfers, the wallet held nearly 50,000 BTC since February 2024, believed to be seized from the operator of the pirated movie website Movie2k.
Further selling pressure could arise in July, as the collapsed cryptocurrency exchange Mt. Gox announced it would start repaying its users.
Mt. Gox creditors, owed over $9.4 billion worth of Bitcoin, have been waiting more than ten years to recover their funds, which could add significant pressure on Bitcoin’s price.
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