…Urges the German government to take him up on his offer and save Bitcoin from another massive supply shock where billions worth of BTC gets dumped onto exchanges.
Earlier today, the movement of Bitcoin worth $75 million to exchanges in Germany caused a massive domino effect on the global crypto markets. This was just one of the many such transfers made in Bitcoin worth hundreds of millions over the past two weeks by the German government officials.
Bitcoin is trading at $58,892.53—a 5% decline over the last 24 hours and more than a 7% week on week loss as per CoinGecko’s data.
Justin Sun tweeted earlier in the day: “I am formally negotiating w/ German government to buy all BTC off-market just like gold.”
It is still also not clear if Sun intends to purchase that amount of BTC – or if he has reached out to any of the German officials yet. Tron founder has some history of trying to save the day – or at least pretending to do so whenever there is trouble on the Crypto Street.
One of the five wallets which have been tied to to the German BKA sent over $300 million for liquidation based on Arkham Intelligence data.
That means $94 million in Bitcoin to Coinbase, $84 Million on Kraken and $91 million to Bitstamp. It has also been observed that about $44 million was sent to Amsterdam-based market maker Flow Traders from the same wallet, which holds nearly 170k BTC.
Germany first obtained the $2.1 billion in Bitcoin back in January 28, with Bitcoin trading a little over $46K then. It turns out that the 50,000 BTC in this wallet still remained unchanged until mid-June through June 20 when they began to offload them into the market.
