- Germany shows activity on the market with the new transfer of 1,000 $BTC for ~$56M
- Among them, 500 $BTC was sent back to Coinbase and Bitstamp
Recently, we wrote about German government market moves and their potential implications. Did they get Joana Cotar’s point, or did they just trade Bitcoin wisely to fill their budgets?
As we waited for more moves from their side to try to see the bigger picture – we got one more piece just in a few hours.
Let’s Get to the Numbers Closely
Last night, 1,915 BTC worth ~$111M entered the Germany wallet from Kraken and Coinbase.
Just now, the German government transferred out 1,000 BTC worth ~$56M, of which 500 BTC were sent to Coinbase and Bitstamp.
It doesn’t look like the best deal, and the logic behind it is unclear.
What’s the Point Here?
It is beginning to look like these movements again lack a systematic approach. They also contrast with the hopeful previous movement, giving reason to think that Joana Cotar’s words have been heard.
Here, we are back to several possible scenarios in which the German government still sees no value in Bitcoin as a reserve currency and strategic asset.
By the way, in this scenario, the following version of their sensational $111M Bitcoin purchase is also possible: it was simply a return of unrealized orders.
Also, they may not watch that they gave the 4th place of Bitcoin holders in the world among other countries to Ukraine with its 50000 BTC (which includes the USA, China, and the UK). After all, in such a scenario, it doesn’t matter who will have more strategic reserve, but who will make more money on its volatility.
However, there could be another scenario where Germany announced the sale of 40000 BTC exactly on centralized exchanges for a reason and dumped the price of Bitcoin to $54000. This could be a long game, where Germany plans to create profitable volatility for itself to earn on price fluctuations, and later make an even larger buyback of Bitcoin and thus achieve a double benefit.
Such large movements from the biggest players require special monitoring because they can fundamentally affect the prices of various assets and the future state of the global economy and political powers.
Stay tuned for the latest developments with our Legends Community to get the most up-to-date, trusted, and grounded information from the world of finance and crypto!
