Germany’s Bitcoin Whirlwind: $1B Dump Followed by $305 Million Buyback

• The German Government reclaims $305 million in Bitcoin from major exchanges.
• Authorities’ Bitcoin wallet now holds 22,846 BTC valued at $1.32 billion.
• They have dumped 22,763 Bitcoin, estimated at around $1.31 billion since June.

In a surprising reversal of sorts, the German government is buying back hundreds of millions of dollars worth of Bitcoin just a day after dumping nearly $1 billion of the cryptocurrency. This unexpected move has sparked speculation and renewed interest in the government’s cryptocurrency strategy.

Data from Arkham Intelligence shows that the authorities’ Bitcoin wallet repossessed 1,692 BTC tokens in three transactions from the Bitstamp exchange just two hours ago. 

The reclaimed Bitcoin was valued at $96.83 million at the time of the transaction, bringing the government’s Bitcoin holdings to 26,053 tokens worth $1.5 billion at the time. This wasn’t their only Bitcoin buyback in the last 24 hours.

Specifically, the German Government reclaimed at least 1,943 Bitcoins worth $110.75 million from Kraken, 300 BTC from Coinbase, and 1,250 BTC from Bitstamp earlier. Cumulatively, authorities have reacquired 5,365 BTC tokens value…

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