Concerns about a government sell-off of Bitcoin have affected the market, especially after reports of the German government selling Bitcoin worth $2.76 billion. The most recent transaction was on June 26, 2024, when 345 Bitcoins were sent to the “Flow Traders” wallet.
The U.S. government currently holds about 214,000 Bitcoins worth $13 billion, making it the largest national holder of Bitcoin. Selling pressure from the bankruptcy of Mt. Gox also raised concerns about a Bitcoin price drop, as the exchange began selling 140,000 Bitcoins. However, the exchange balance is at a six-year low, helping to stabilize the price.
Read more: Why did the German Government transfer Bitcoin?
