Amid this market downturn, the German Government is gaining massive attention from investors and traders following their continued Bitcoin (BTC) transfer to centralized exchanges (CEXs). Today on July 4, 2024, the Government once again transferred a massive 3,000 BTC worth $174 million.
Out of this massive BTC transfer, 1,300 BTC worth $75.5 million were transferred to exchanges such as Bitstamp, Coinbase, and Kraken, according to the data shared by an on-chain analytic firm Lookonchain.
Justin Sun’s offer to buy German Govt. BTC holding
Following this massive BTC transfer, the Tron founder Justin Sun made a post on X, expressing interest in buying all BTC worth over $2.3 billion off-market to prevent it from impacting the cryptocurrency market. In a recent post, Sun stated that,
“I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.”
However, this massive BTC transfer by the German government continues to raise concerns among investors and has a negative impact on BTC prices. Since June 19, 2024, they have been continuously transferring significant amounts of BTC to different CEXs, including Bitstamp, Coinbase, and Kraken.
Before the government started transferring BTC to different CEXs, they held a massive amount of 50,000 BTC potentially seized from the operator of the pirate movie website Movie2k. However, after several transactions, this holding has been reduced to 40,359 BTC worth over $2.33 billion.
German Govt’s impact on Bitcoin price
Additionally, since they began moving their BTC holdings to CEXs, the BTC price has dropped from $65,300 to the current level of $57,300. This significant price drop indicates a higher level of impact on the BTC price.
Following all these updates in the market, BTC is currently trading near the $57,100 level and it experienced a 5% price drop in the last 24 hours. Whereas, the 24-hour trading volume has increased by 35%, showing massive investor and trader participation amid the price drop fall.
If we look at the the performance of BTC over a longer period, in the last 7 days it has lost nearly 8% of its value. Meanwhile, over the last 30 days, BTC has experienced an over 18% price drop. Following this massive price drop in the last 24 hours, the open interest of BTC sank by 6.5%, showing lower investors’ and traders’ interest in this market condition.
