The repeated Bitcoin transfers to centralized exchanges suggest that the government is planning to sell its $2.75 billion worth of BTC holdings.
A “German Government ” labeled cryptocurrency wallet has sold another $52 million worth of Bitcoin, sparking suspicions that the government is selling its vast Bitcoin holdings.
Tracking the selling patterns of large Bitcoin holding entities can give investors valuable cues about Bitcoin price since large sell orders can create more downward price pressure.The BKA-labelled wallet could pose a threat to Bitcoin's price due to more potential selling pressure since it holds over 43,850 BTC and is worth over $2.75 billion.
Bitcoin price has been in a downtrend since the beginning of June, falling over 7.3% during the past month. BTC found a local bottom above the $58,450 mark on June 24 before bouncing back above the current $62,000 mark, according to Bitstamp data.Bitcoin has amassed significant support at the $61,500 mark.
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