German and US Governments Sell Bitcoin, El Salvador Holds
Following a US-German government development, Bitcoin (BTC) and the crypto market may fall further. On-chain data implies both governments are selling a lot of BTC.
US Government Sends Coinbase Prime $240 Million In Bitcoin
Arkham Intelligence said on X (previously Twitter) that the US government transferred Coinbase Prime 3,940 BTC ($240 million). This has generated concerns that the government may sell these crypto tokens, which would put further pressure on the main coin.
Arkham said this BTC was seized from drugs trafficker Banmeet Singh during his trial earlier this year. Singh sold narcotics on the Silk Road, a dark web network from which the US authorities confiscated a lot of Bitcoin.
The US government has sold some Silk Road BTC, which put pressure on the flagship coin. March saw their latest sale of 9,861 BTC ($216 million). They have not confirmed the sale of the 3,940 BTC transferred to Coinbase, suggesting it has not been sold.
Other than the US government, others want to dump on the market. Arkham Intelligence reports that the German government sent 125 BTC ($7.71 million) apiece to Kraken and Bitstamp. They just sent 400 BTC ($24 million) to Kraken and Coinbase. The German government sent 1,000 BTC to an unknown address (139Po), maybe another crypto exchange.
Given Bitcoin's current selling pressure, the US and German governments' possible sales are more concerning. Bitcoinist said that BTC miners sold 30,000 BTC ($2 billion) this month, leading to the crypto's enormous drop since the month started.
A Different Government Holds
El Salvador is keeping its Bitcoin assets while the US and other governments sell them. El Salvador embraced Bitcoin as legal cash in September 2021 and started a '1 Bitcoin a day campaign' in November 2022, buying 1 BTC daily.
Arkham Intelligence reveals they have 5,794 BTC ($351.82 million) and followed this strategy. Foreign investments and mining have helped El Salvador accumulate.
#Elsalvador #ABD #Germany $BTC
