According to blockchain data, the German government has finalized the transfer of its remaining Bitcoin holdings, concluding a nearly three-week selling spree. As of Friday, July 12, wallets linked to German authorities hold no remaining Bitcoin (BTC), according to Arkham Intelligence.
The German Government transferred the last of their 3,846.05 BTC to Flow Traders and 139Po. Three weeks ago, the government held 50,000 BTC worth nearly $3 billion. The large-scale selling of the asset coincided with an 18% correction in BTC prices.
In June, crypto.news reported that the German Federal Criminal Police Office (BKA) had originally seized about 50,000 BTC from the operators of the popular piracy movie website Movie2k.to back in 2013. The BKA obtained the Bitcoin in mid-January after a “voluntary transfer” from the suspects.
William Clemente III, co-founder of Reflexivity Research, commented on the event, stating, “Germany full stack dumping their seized BTC may go down as one of the biggest strategic blunders in history as soon as the next few decades.”
While Germany’s sell-off appears to be ending, the market continues to feel pressure from other significant Bitcoin liquidations. Mt. Gox and Genesis Trading are still selling off considerable amounts of BTC, contributing to the recent price decline. Mt. Gox is repaying its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen. At the same time, Genesis Trading has been actively liquidating assets, adding to the selling pressure.
These combined actions have had a notable impact on the market, highlighting the significant influence of large-scale Bitcoin transactions on cryptocurrency prices.
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