- Germany just withdrew 5100 BTC worth ~$300 million to Kraken and Coinbase
- Germany’s reserves have fallen by well over half in recent months, to 18,860 BTC
Recently, we wrote about the need to note an important point when Germany’s Bitcoin reserves were cut in half. Find out the details regarding this and what it could mean in our previous article.
Remember that back in early July their reserves were 32,488 BTC, after which Germany announced a big sale and started systematic selling, which had a big impact on the price.
Today we saw one of the largest of these, where 5,100 BTC worth ~$300 came from the German government on Kraken and Coinbase.
Conclusions
Well, Germany’s reserves are shrinking at an increasingly rapid pace. As we said earlier, there are possible scenarios here.
Maybe Germany is trying to make as much money as possible. The price drop, which it partly provoked – has spooked it and forced it to sell more aggressively.
Or maybe, with these large sales, Germany is trying to drive the price down as much as possible to make the biggest buyback.
