Bitcoin: Did Germany’s million-dollar BTC sell-off impact its prices?

Germany’s crypto holdings are in the spotlight after a recent fire sale. Over the past two days, the German government has shed nearly 1,700 Bitcoins, worth a cool $110 million, across major exchanges like Kraken, Coinbase, and Bitstamp.

This on-chain activity suggests a deliberate strategy of offloading a small portion of their Bitcoin holdings. According to CryptoQuant CEO Ki Young Ju, despite this recent sale of 3,000 BTC, Germany is still sitting on a hefty pile of unrealized profits.The recent surge in BTC’s price has significantly inflated the value of Germany’s holdings. Their current stash is estimated to be worth a staggering $3.24 billion, with a whopping $1.1 billion of that being unrealized profit.

Interestingly, the US holds a significantly larger amount at 213,246 Bitcoins, valued at $13.7 billion. China, despite a ban on Bitcoin transactions and a large sell-off in 2019, still surprisingly holds onto a sizable stash of 190,000 Bitcoins.

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