German government transfers another 1,000 bitcoins in ongoing selling spree

The German government continues to transfer bitcoins to centralized exchanges with the presumed intent to sell.

Data from the on-chain analytics platform Arkham show addresses labeled as belonging to the German government transferring 250 bitcoins to Bitstamp and 250 bitcoins to Coinbase — totaling nearly $28 million at current prices.

An additional 500 bitcoins were transferred to an unlabelled address that may potentially belong to a centralized crypto exchange or OTC service.

The German government currently holds 38,826 bitcoins on known addresses — totaling $2.17 billion.

Germany's weeks-long selling spree hasn't been popular with everyone in the country's government. Member of the German Bundestag Joana Cotar heavily criticized the government's decision to "hastily" sell the bitcoins it possesses in lieu of a comprehensive bitcoin strategy.

"Instead of holding bitcoin as a strategic reserve currency, as is already being debated in the USA, our government is selling on a large scale,” the independent MP and bitcoin advocate wrote last Thursday, claiming this was "not sensible" and "counterproductive." (Translated.)

The price of bitcoin is down 3.34% on the day, according to The Block's Bitcoin Price Page — continuing a general price decline over recent weeks.