As of 7 a.m. EDT on Monday, the German government’s wallet now holds 1,205 BTC less than it did yesterday, reducing its balance from 39,826 BTC to 38,621 BTC. This new total is valued at $2.22 billion based on current exchange rates. The movement follows bitcoin reaching a low of $54,296 per unit on Monday.

After the decline in BTC’s price and the subsequent transfers from Germany, bitcoin’s value briefly rose above the $58,000 mark. At press time, 7 a.m. EDT, BTC is trading at $57,301 per coin. Approximately 19 days ago, the German government held 47,859 BTC, indicating a withdrawal of around 9,238 BTC, worth $528 million, from the wallet during this period.

The usual recipients, Bitstamp and Coinbase, were involved in the transfers on July 8. Notably, there was also a transaction to the crypto trading firm Cumberland, albeit only for 0.001 BTC, which appeared to be a test. So far, including Coinbase and Bitstamp, the German wallet has also interacted with Kraken, Flow Traders, and Cumberland.

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