The German and US governments have moved millions of Bitcoin and Ethereum today, according to data from Arkham Intelligence. These transfers suggest that these authorities might not ease on their crypto-selling activities this month.
Also read: Bitcoin loses it ahead of weekly, quarterly, and monthly close
Over the past two weeks, the addresses associated with the German government have transferred more than 2,700 BTC worth over $200 million to centralized exchanges. Market analysts noted that these transfers placed selling pressure on Bitcoin throughout June.
Government agencies sell off crypto assets
According to Arkham, the wallet labeled German government moved 1,500 BTC worth $94 million to several external addresses, with 400 BTC going to BitStamp, Coinbase, and Kraken. The remaining BTC was sent to an unknown address, 139PoPE1, which subsequently transferred the funds to bc1q7uz. Bc1q7uz currently holds over $93 million in BTC.
Following its most recent transfers, the German government wallet still holds 44,692 BTC valued at $2.82 billion. Its plan for these coins remains unknown. However, previous transactions may indicate the German authorities might continue the gradual sales instead of dumping everything at once.
The US also joined the German government in the crypto sale column as it shifted its attention from Bitcoin to Ethereum this week. A wallet labeled as containing funds seized by the US from Estonian ponzi fraudsters Sergei Potapenko and Ivan Turogin also transferred 3,375 ETH worth $11.75 million today to 0x5acX, a new address. The transaction is the first from that address in 2 years and is likely with the intention to sell off the ETH.
These funds account for less than 2% of the United States’ Ethereum holdings. According to Arkham, wallets associated with the US government currently hold over 50,000 ETH and around 213,534 Bitcoin.
Bitcoin and ETH record over 2% gains
Bitcoin and Ethereum have increased by more than 2% in the past 24 hours despite the increased activity and expectations of imminent sell-offs by government authorities. This price movement marks a departure from their red performance in June when BTC declined by around 7%.
Also read: What to expect from Bitcoin in July
The gains highlight the current bullish sentiments among analysts who have predicted that Bitcoin could reach as high as $71,000 this month. Technical analyst Ali Martinez noted that historical data shows Bitcoin’s performance in July is always inverse to its price action in June. Thus, the more negative BTC was in June, the higher its bounce in July.
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