Germany’s government is nearing the end of its large-scale sale of confiscated bitcoin(BTC), with recent transfers leaving around 6,146 bitcoins ($350 million) remaining. This follows a series of transactions on Friday, July 12th, where authorities moved bitcoins to cryptocurrency exchanges and market makers.
The bitcoins in question stem from a January seizure of 50,000 bitcoins from the defunct online piracy platform Movie2K. Since June 18th, German authorities have been steadily transferring these bitcoins, impacting the overall market.
Friday’s Transactions
Data from Arkham Intelligence reveals that on Friday, German authorities sent bitcoins to wallets linked to major exchanges like Coinbase, Kraken, and Bitstamp. Additionally, transfers were made to B2C2 Group, Cumberland DRW, and an unidentified OTC service. The total sent amounted to 3,448.25 bitcoins ($197.4 million).
Interestingly, the day also saw some returned bitcoins. Bitstamp and Kraken each sent back 250 bitcoins ($14.3 million), with the reasons for the return unclear.
Bitcoin Price Impact
The German government’s bitcoin(BTC) sales are believed to have contributed to a recent price decline. Over the past 24 hours, the world’s leading cryptocurrency fell by 2.4%, according to The Block’s data. Since the sales began in June, bitcoin’s value has dropped roughly 12%.
Also Read: Can Bitcoin Hit $250k By 2025? Analyst’s Bullish Prediction Analyzed
Criticism and Completion Timeline
Joana Cotar, a member of the German parliament and a bitcoin advocate, has previously criticized the government’s actions, calling them “counterproductive.”
With just over 6,000 bitcoins remaining, the German government’s large-scale bitcoin sale is nearing its conclusion. The coming days and weeks will likely see further transfers as authorities aim to offload the remaining stock.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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