The German administration resumed shifting parts of its huge Bitcoin trove to exchanges on Monday, transferring over $56 million value across multiple transactions.
The German administration continued shifting portions of its huge Bitcoin trove to exchanges on Monday, transferring over $56 million value across multiple transactions.
According to the report data, addresses linked to the German administration moved a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.
Germany basically seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy site Movie2K. The stash is calculated to be worth around $2.3 billion at today’s expenses.
This comes after the administration shifted around $390 million in Bitcoin to different platforms since mid-June.
The steady flow of transfers to exchanges signals Germany’s possible intentions to liquidate parts of its reserves. While causes remain uncertain, the sales have fueled volatility in Bitcoin’s cost, which dipped below $55,000 last week.
However, the prices shifted so far equate to a relatively small portion of Germany’s huge holdings. After the new transactions, the administration still possesses around 40,000 bitcoins valued at nearly $2.2 billion.
Nonetheless, the remaining reserves represent a high share of daily Bitcoin trading volumes. As such, professionals caution the threat of further turbulence lingers as long as Germany remains active in reducing exposure.
The liquidations come just as long-awaited creditor payouts from Mt. Gox’s 2014 hit appears set to start. This timing might compound selling pressure on Bitcoin amid an already bearish macro atmosphere.