German Government Transfers More Bitcoin Holdings: BTC Stagnates

In a notable move, the German Government recently transferred 750 Bitcoin (BTC), valued at approximately $46.27 million, to various destinations, including well-known cryptocurrency exchanges and private wallets. This transaction marks a continuation of significant digital asset movements by the government over the past week.

The bulk of the transferred Bitcoin was allocated 125 BTC directed to the Kraken exchange, 125 BTC sent to Bitstamp, and a substantial 500 *BTC* moved to a private wallet, addressed explicitly as “139PoPE1bK.” A minor test transaction of 0.001 BTC was also sent to Flow Traders, indicating ongoing logistical management of their digital assets. The German Government has moved approximately 4,250 BTC out of its wallets. On average, these transactions are valued at around $271.3 million.

45 mins ago, the German Government transferred away another 750 $BTC ($46.27M), including:
• 125 $BTC to #Kraken
• 125 $BTC to #Bitstamp
• 500 $BTC to wallet “139PoPE1bK”
• 0.001 $BTC to Flow Traders (likely a test txn)

In the past week, around 4,250 $BTC (~$271.3M) have… https://t.co/JV63Xsc8IC pic.twitter.com/Ezorz9egCf

— Spot On Chain (@spotonchain) June 26, 2024

How Has Bitcoin Reacted?

Stats from IntoTheBlock state that Bitcoin’s price stands at  $61,371.54, with a minimal daily change of +0.1% and a market capitalization of approximately $1.21 trillion. This robust market cap underscores Bitcoin’s significant position in the cryptocurrency space. Looking at holders making money at the current price, approximately 85% of Bitcoin holders are making money at the current price, with only 13% facing losses, indicating strong positive sentiment in the market.

Large holders control about 12% of Bitcoin’s total supply, pointing to a somewhat decentralized holding pattern relative to other cryptocurrencies where whale activity is more pronounced. Transactions are split almost evenly between the Western and Eastern hemispheres, with 49% originating in the West and 51% in the East, showcasing Bitcoin’s global reach and appeal. In the past seven days, the market has seen $77.28 billion worth of transactions exceeding $100,000, highlighting significant institutional or large-scale investor movements. There has been $6.18 billion in total inflows to exchanges, compared to $6.66 billion in outflows. This suggests a slightly higher propensity for investors to hold or move Bitcoin off exchanges, potentially indicating a bullish sentiment.