**A Strategic Play by Germany**
The German government has made a noteworthy move by purchasing 1,915 BTC, valued at $111.5 million.
Initially, they reduced the price by selling Bitcoins, creating a dip which they then capitalized on by buying back at a lower price.
In a surprising turn, the German government, known for its recent significant Bitcoin sell-offs, has now repurchased a considerable amount of BTC. According to Arkham Intelligence, the government acquired 1,915 BTC from major exchanges Kraken, Bitstamp, and Coinbase, worth $111.5 million.
This maneuver follows weeks of substantial Bitcoin sales by the German government, which had caused market volatility and raised questions about their crypto strategy. The sudden buyback has sparked speculation and renewed optimism among Bitcoin investors globally.
Additionally, on Friday morning, the government transferred 1,047.4 BTC, valued at $57.2 million, out of their wallets. Of this, 547.4 BTC, worth $30.1 million, was moved to Flow Traders, while another 500 BTC, valued at $27.1 million, is believed to have been sent for institutional or OTC services.
This is not the first significant crypto market move by the German government this month. On Tuesday, they transferred 832.7 Bitcoins, valued at approximately $52 million, with 282.7 Bitcoins sent to major exchanges such as Bitstamp, Coinbase, and Kraken.
Two days later, the government executed another major transfer of 3,000 Bitcoins, worth approximately $174 million. Amid these inflows and outflows, the government wallet now holds 40,526 BTC, valued at over $2.29 billion.
These transactions have triggered notable volatility in the crypto market, with Bitcoin’s value hitting a low of $53,700 yesterday.
In response, Justin Sun, the founder of Tron (TRX), expressed his intention to negotiate with the German government to mitigate the market impact of their sales. Sun proposed an off-market transaction to prevent significant price fluctuations, aiming to find a solution that benefits all parties involved.
