Thomas Daniels
According to recent blockchain data, the German government has completed the transfer of its remaining Bitcoin holdings, concluding a selling spree that lasted nearly three weeks.
As of Friday, July 12, blockchain data from Arkham Intelligence confirms that wallets linked to German authorities no longer hold any Bitcoin (BTC). The German government sent the last of their 3,846.05 BTC to Flow Traders and 139Po.
Just three weeks ago, the German government held 50,000 BTC, valued at nearly $3 billion. The subsequent liquidation of these holdings resulted in an approximate 18% correction in Bitcoin’s value.
Earlier in June, crypto.news reported that the German Federal Criminal Police Office (BKA) had initially seized around 50,000 BTC from the operators of the piracy movie website Movie2k.to in 2013. The BKA received these Bitcoins in mid-January through a “voluntary transfer” from the suspects involved.
“Germany’s decision to fully liquidate their seized BTC could be regarded as one of the most significant strategic missteps in history within the next few decades,” commented William Clemente III, co-founder of Reflexivity Research.
While Germany’s Bitcoin sell-off has concluded, other major liquidations continue to impact the market. Mt. Gox and Genesis Trading are still offloading substantial amounts of BTC. Mt. Gox is in the process of repaying creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen. Concurrently, Genesis Trading has been actively liquidating assets, further exacerbating the selling pressure on the market.
