A “German Government (BKA)” labeled cryptocurrency wallet has sold over $54 million worth of Bitcoin. 

The German government’s wallet sold 900 Bitcoin (BTC) in three individual transactions on June 25.

The first transaction worth 200 BTC was sent to the Coinbase exchange, while the second 200 BTC transfer was sent to the Kraken exchange.

However, a third transaction, worth 500 BTC, or over $30 million, was sent to wallet “139Po,” which remained unknown, according to on-chain intelligence provider Arkham Intelligence.

While wallet "139Po," remains unknown, it is not the first time that the German government has interacted with it. The German government previously sent 800 BTC to the address on June 20 and another 500 BTC on June 19, just six days ago.

Following today’s transfers, the wallet still holds 46,359 Bitcoin, according to Arkham Intelligence.

Related: Over $122M Bitcoin longs liquidated as BTC falls below $61K

Will the German government tank Bitcoin below $60k?

The government-labeled wallet, which holds over $2.8 billion worth of BTC, could introduce significant selling pressure that could tank Bitcoin’s price below the key $60,000 psychological mark.

Bitcoin price has been in a downtrend, falling 11% on the monthly chart, and over 7% on the weekly, trading just above $61,000, as of 9:40 a.m. UTC, according to Bitstamp data.

According to popular analyst Willy Woo, technical chart patterns suggest that Bitcoin might experience a correction lasting up to four weeks before its price rally resumes.

The analyst wrote in a June 22 X post to his over 1.1 million followers:

“Eyeballing this model... probably 1-4 weeks more of cooling down before #Bitcoin price action is sufficiently boring. Chart: Intensity of speculators playing casino games.”

Related: Ether restaking’s biggest risk is lack of understanding around asset looping — Haven1

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