According to data from Arkham, the German government transferred a total of 16,039 bitcoins yesterday, with a total value exceeding 900 million US dollars. Due to the sudden increase in selling pressure and the fact that the German government still holds over 2 billion US dollars worth of bitcoins, it has caused panic in the bitcoin secondary market and exacerbated the downward trend in prices.
However, early this morning, the German government unexpectedly retrieved nearly 3,000 bitcoins from exchanges such as Kraken, Coinbase, and Bitstamp, leaving the market puzzled.
In response to this, Steven Cheng, the Director of Research at The Block, believes that these exchanges most likely returned the bitcoins to the German wallet addresses because they were unable to sell them within the target price range.
