Source: Cointelegraph
Original: “German government missed $2.3B Bitcoin profit after selling BTC at an average price of $57K”
According to a report by blockchain intelligence firm Arkham, the German government missed out on over $2 billion in profits after selling its Bitcoin (BTC) holdings in 2024.
A cryptocurrency wallet marked as “German Government (BKA)” sold 49,858 Bitcoins (BTC) at an average price of $57,900 through multiple transactions during June and July 2024, totaling over $2.89 billion in value.
According to the crypto intelligence platform Arkham, the German government's decision to sell Bitcoin early resulted in a loss of over $2.35 billion in potential earnings.
Arkham stated in a post on X on May 19: “If they had continued to hold, the value of these BTC would now be $5.24 billion.” The post noted that the price of Bitcoin has risen by over 80% since the sale.
As of the time of publication, Bitcoin was trading at over $104,700 according to CoinMarketCap.
On June 19, 2024, this wallet marked as belonging to the German government first sparked speculation of a potential sell-off when it executed a transfer of 6,500 BTC worth over $425 million.
The wallet initially held about 50,000 BTC, which are believed to have been confiscated from the operators of the now-defunct piracy site Movie2k.
According to Arkham Intelligence founder Miguel Morel, the selling pattern of this wallet exhibited hasty trading behavior and was not optimized to minimize market impact and achieve the best profits.
Morel told Cointelegraph in an interview at EthCC 2024: “What I least want to see is them directly going to five different exchanges and starting a market sell-off.” He added:
“Their behavior of going to so many different exchanges looks like they are trying to extract liquidity from every order book […]”
Reports regarding the German government's Bitcoin liquidation may have exacerbated the downward trend of Bitcoin beyond the actual amount sold.
The price of Bitcoin recovered above the psychological threshold of $60,000 on July 14 last year, which was exactly the day the German government-marked wallet ran out of BTC, ending investor uncertainty about further selling pressure.
Related: Indian Supreme Court urges government to regulate cryptocurrency
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