The German government has continued its Bitcoin off-loading pattern after sending out roughly 3,100 BTC worth around $178 million in the span of an hour.

Within the same span of time, the government also withdrew roughly 1,700 Bitcoin ( BTC ) worth around $91.78 million from Bitstamp, recouping BTC holdings from the exchange.

While writing, the German government has also shifted a further 3,107 BTC out of its main holdings, likely preparing for a further sell-off in today’s market.

The main government address currently holds around 26,000 BTC worth $1.5 billion, while the address used to off-load holdings currently holds 4,800 BTC worth $276.61 million.

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German government sell-off continues

In the last two hours, there has been a total outflow of 3,100 BTC, of which 2,500 were sent to an unknown B2C2 Group, 400 BTC to centralized exchange Kraken , and the remaining 200 to an unknown wallet .

The German government sold a further $900 million worth of BTC on July 8, suggesting plans to continue steadily selling off the remaining $1.5 billion in BTC holdings.

That same 16,309 BTC sold is now worth over $930 million despite the mass sell-off, suggesting that buyers are still confident about buying BTC in this price range.

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This is a developing story, and further information will be added as it becomes available.