The German government has sold another 547 Bitcoins, as reported by Arkham Intelligence. This brings its holdings to 41,220 Bitcoins, valued at $2.27 billion.
Despite objections from lawmaker Joana Cotar, who warned that selling could be counterproductive, especially as the U.S. considers Bitcoin as a reserve asset, the German government continues its sell-off.
The government sent the Bitcoins to market maker Flow Traders and various exchanges, including Kraken, Bitstamp, and Coinbase. This activity has contributed to market panic, with 30,000 Bitcoins entering exchanges this week, valued at $1.73 billion.
Bitcoin advocate Samson Mow noted coordinated market suppression activities, suggesting a pattern of price manipulation. He observed that Bitcoins have returned to wallets from exchanges, hinting at strategic timing for future sales.
This ongoing sell-off by Germany has significant implications for the global Bitcoin market, possibly influencing price trends and investor behavior.
