Repeated Bitcoin transfers to centralized exchanges suggest the government plans to sell its $2.75 billion in BTC holdings. A “German Government (BKA)” labeled cryptocurrency wallet has sold another $52 million worth of Bitcoin, sparking suspicions that the government is selling its vast BTC holdings.The wallet associated with the German government transferred 832.7 Bitcoin (BTC) in four individual transactions on July 2. The wallet sent 100 BTC to Coinbase, 150 BTC to Bitstamp and 32.74 BTC to Kraken, according to Arkham Intelligence data. The lion’s share, or 550 BTC worth over $32 million, was sent to the wallet “139Po,” which remains unknown but has previously received funds from the German government, including 500 BTC on June 25 and 800 BTC on June 20. Tracking the selling patterns of large Bitcoin holding entities can give investors valuable cues about the Bitcoin price since large sell orders can create more downward price pressure.

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