During the 2024 UEFA European Championship, commonly known as the UEFA Euro 2024, held in Germany from June 14 to July 14, Spain defeated the host nation Germany 2-1 in extra time during the quarterfinals. This marked Germany’s first failure to advance to the semifinals in the quarterfinal stage after four previous qualifications. This outcome disappointed football fans significantly.
Justin Sun, the founder of TRON, took to social media platform X to mockingly attribute Germany’s loss to the excessive sale of Bitcoin by the German government. He stated that since June 19, the German government had been consistently transferring a large amount of Bitcoin to exchanges, causing substantial selling pressure in the market. On July 4, Sun even boldly declared his willingness to negotiate with the German government to purchase all remaining BTC off-market to minimize its impact on the market.
Germany had previously seized nearly 50,000 Bitcoins from the piracy website Movie2k in mid-January, marking the largest cryptocurrency confiscation case in German history. According to blockchain analyst Yu Yan, German government addresses have transferred a total of 9,332.3 Bitcoins (in nine transactions) since June 19, amounting to approximately $572 million at an average price of $61,306 per Bitcoin.
Current Arkham data indicates that the German government still holds 40,526 Bitcoins, valued at about $2.29 billion. Whether these actions will continue to affect Bitcoin remains a topic of ongoing concern.
Recent significant Bitcoin transfers | Source: @EmberCN
