Bitcoin sales by the "German Government (BKA)" wallet are intensifying speculation.

A wallet labelled "German Government (BKA)" has sold additional Bitcoin worth $52 million, further fueling suspicions that the government is offloading its substantial BTC holdings. On 2 July, the wallet transferred 832.7 Bitcoins in four separate transactions. Specifically, 100 BTC were sent to Coinbase, 150 BTC to Bitstamp, and 32.74 BTC to Kraken, according to data from Arkham Intelligence. The majority of the transfer, 550 BTC valued at over $32 million, was sent to the wallet "139Po." Although the recipient wallet isn't that well known, it's got a track record of receiving funds from the German government. It's already received 500 BTC from them on 25 June and 800 BTC on 20 June. If you track how wallets with a lot of Bitcoin in them sell it, you can get a good idea of how Bitcoin prices are moving. When they sell a lot, it can put downward pressure on the price. The German government could add to the pressure on Bitcoin by selling more. The BKA wallet, which holds over 43,850 BTC worth more than $2.75 billion, could potentially put more downward pressure on Bitcoin prices. Since early June, Bitcoin's price has been on a downward trend, dropping by more than 7.3% over the past month. BTC reached a low of just over $58,450 on 24 June, but then bounced back to above $62,000, according to Bitstamp data. Bitcoin has found a lot of support at around $61,500. However, if the price falls below this level, it could liquidate leveraged long positions worth over $1 billion across all exchanges, according to Coinglass data.

Is the German government actively selling BTC?

Apart from the largest transfer, worth $32 million, the rest of the Bitcoin was sent to centralised exchanges. This seems to suggest that the German government might be attempting to sell its Bitcoin holdings. We've got in touch with the German Federal Criminal Police Office (BKA) to get their side of the story. The wallet first raised suspicions of potential Bitcoin sales on 19 June when it conducted a transfer of 6,500 BTC worth over $425 million. Before these transfers, the wallet had held nearly 50,000 BTC since February 2024. It's thought that these funds were seized from the owner of the piracy website Movie2k.