Germany’s Surprise $111 Million Bitcoin Buyback
- Germany’s government has purchased 1,915 BTC worth $111.5 million, reversing recent sales.
- This buyback follows large-scale Bitcoin sales that had stirred market volatility.
- Justin Sun, founder of Tron, proposed negotiating with the government to minimize market impact.
In a surprising reversal, the German government, known for the recent large-scale Bitcoin sell-offs, has just bought back a significant amount of the BTC. Data from Arkham Intelligence reveals a purchase of 1,915 BTC, worth $111.5 million, from major exchanges Kraken, Bitstamp, and Coinbase.
This move comes after weeks of high-profile Bitcoin sales by the German government, which had sparked market volatility and raised questions about their crypto strategy. The sudden buyback has ignited speculation and renewed optimism among Bitcoin investors worldwide.
Meanwhile, the government transferred 1,047.4 BTC out of their wallets on Friday morning, worth $57.2 million. A significant portion of this, 547.4 BTC valued at $30.1 million, was transferred to Flow Traders. Another 500 BTC, worth $27.1 million, is believed to have been sent for institutional or OTC services.
This is not the first time the German Government has made a significant move in the crypto market 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 made another massive transfer of 3,000 Bitcoins, worth approximately $174 million. Amid the inflows and outflows, the government wallet now holds 40,526 BTC worth over $2.29 billion.
These transfers have triggered significant 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), had expressed his intention to negotiate with the German Government to minimize the impact of their sale on the market. Sun suggested that an off-market transaction could prevent significant price fluctuations, and his goal is to find a solution that benefits all parties involved.
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