Germany increases the sale of bitcoins: details and consequences
Date: 2024-07-05 Author: Oliver Abernathy Categories: IN WORLD
Increase in BTC sales by German holdings
On the last day of June 2024, Germany's government crypto wallets released an additional 3,000 BTC, or approximately $173.1 million, onto exchanges. This is the latest in a series of asset sales for the country from its digital wallets, which still hold $2.3 billion worth of Bitcoin. Sales take place through the Arkham Intelligence platform.
Asset sales trend
This is not the first time Germany has sold cryptocurrency in recent months. Since the beginning of June, government wallet balances have shown a decrease, including the withdrawal of 400 BTC and 1332 BTC, as shown in the chart below. However, the country's government still manages a significant Bitcoin portfolio, valued at $2.3 billion.
Unrealized gains and current status
The portfolio of bitcoins held by Germany continues to remain in the zone of unrealized profits. According to Arkham Intelligence, by July 2, 2024, unrealized gains amounted to about $1 billion. However, after a sharp decline in the price of Bitcoin below $58,000 on the night of July 4, 2024, the asset was unable to recover to its previous level.
Germany's ongoing Bitcoin sale strategy underscores its desire to actively manage digital assets and use them to support economic sustainability and meet financial obligations. At the same time, the volatility of the cryptocurrency market leaves open questions about the long-term sustainability of such strategies.
