German Government Sends Fresh 400 BTC ($25.3M) to Exchanges

The German Federal Crime Police Office (KBA) continued to dump seized Bitcoin on Monday, sending 1,500 BTC ($95 million) to different wallets. Three of the addresses to which the wallet labeled “German Government” sent the bitcoins were exchanges.

Exchanges Coinbase, Bitstamp, and Kraken received BTC worth $25.3 million from the German government, getting $6.32 million, $12.64 million, and $6.32 million, respectively. This was the third time in less than a week that the German government sold its Bitcoin bag.

Selling Pressure Mounts

The continued sales of Bitcoin by the German government and other large holders are creating significant selling pressure in the market, contributing to the bearish sentiment among investors.

Bitcoin struggled last week, falling to a one-month low of $58,000. This price downturn was fueled by skepticism raised when exchange Mt.Gox announced it would start refunding creditors assets worth $9 billion in July. Selling pressures from the US and German governments also saw the crypto market’s Fear and Greed Index hit 30.

The KBA started where it left off last week, transferring 1,500 bitcoins to different wallets in 20 minutes on Monday. The reason why the German government was dumping the crypto asset remains unknown. However, the situation could neutralize Bitcoin’s demand considerably, as the wallet tied to the country still holds 44,692 BTC (worth $2.82 billion).

Bitcoin Remains Resilient

Notably, Bitcoin has remained resilient amidst the selling pressure, rebounding from support to trade above $62,500 on Monday. The crypto asset is up almost 3% in the past 24 hours and has stretched as high as $63,770.

At press time, Bitcoin was trading at $62,826, with a market cap of $1.24 trillion. Its trading volume is now $21.12 billion, up over 58% in the past 24 hours. As analysts have speculated, Bitcoin is well on course to hit $100,000 by the end of the year and $300,000 by the end of 2025.