In this ongoing market downturn, the overall cryptocurrency market has been significantly impacted and top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have experienced massive price drops. Amid this, the wallet linked to the German Federal Criminal Police Office (BKA) at Arkham Intelligence has initiated a substantial Bitcoin sell-off.
Germany offloads 6,000 BTC amid market downturn
Recent transactions indicate the movement of 6,000 BTC, valued at approximately $354 million, to various exchanges including Coinbase, Kraken, and others.
This follows a previous transaction where 3,100 BTC worth $178 million was moved on July 9th. Notably, attempts to sell 1,700 Bitcoin worth $91.78 million on Bitstamp were unsuccessful, suggesting challenges in liquidating holdings directly on exchanges.
Initially holding about 26,000 BTC valued at $1.5 billion on July 9, 2024, the wallet’s holdings have since decreased to around 18,110 BTC, now worth approximately $1.06 billion as of July 10, 2024, marking a decline of over $400 million within a day.
This ongoing sell-off reflects significant market activity and sheds light on the complexities involved in large-scale Bitcoin transactions. Since June 19, 2024, the government of Germany has offloaded its BTC holding, and to date, they have offloaded billions of it.
Following this continuous dump, the BTC and other altcoins were significantly impacted and the market has turned into an extreme fear stage. Along with Germany, the United States and many other institutions also follow the same.
Besides selling pressure across the crypto market, exchange-traded fund (ETF) traders look at this as an opportunity and continuously buy the dip. In the last three days, Bitcoin ETF has experienced continuous inflow.
Bitcoin price-performance analysis
As of writing, Bitcoin is trading near the $58,500 level and it experienced a 1% price surge. Whereas, trading volume in the last 24 hours has dropped by 10%, indicating lower investors’ and traders’ interest. If we look at the performance of BTC over a longer period, in the last 7 days it has lost 4% of its value. Whereas, in the last 30 days, BTC has experienced a price drop of 17%.
Besides BTC, other top cryptocurrencies including ETH and SOL have also experienced a price drop of over 16% and 11% respectively, in the last 30 days. On the other hand, altcoins incldung XRP (XRP), Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) has lost 12%, 25%, 14%, and 30% of price drop.
