The German government has made another significant Bitcoin (BTC) transfer amidst a bearish market. According to Arkham Intelligence, at 06:48 UTC today, the government moved 1,000 BTC (worth $56.65 million) with 250 BTC sent to Coinbase and Bitstamp exchanges each, and 500 BTC transferred to an unknown address likely used for over-the-counter (OTC) services.

Currently, the government holds 38,826 BTC, valued at $2.16 billion. Recent transactions include a $40.47 million Bitcoin transfer on July 6 to the same unknown address, subsequently split into two wallets containing $91.6 million and $23.7 million BTC.

As BTC and altcoins face significant losses, with BTC down 2.2% in the past 24 hours and trading at $56,650, daily trading volume has surged by 29% to $26.6 billion, maintaining a market cap of $1.11 trillion.

German Bundestag member Joana Cotar has urged the government to halt Bitcoin sales, labeling BTC a "strategic reserve currency" that could diversify Germany’s treasury assets. Tron founder Justin Sun offered to purchase Germany’s Bitcoin holdings via OTC on July 4, aiming to minimize market impact.