On Thursday, July 11, the German government intensified its sell-off of Bitcoin by offloading 1125 BTC through exchanges like Coinbase, Kraken, and Bitstamp. This strategic move is part of efforts to liquidate Bitcoin holdings seized from a movie piracy website.
According to Arkham Intelligence, the government sold 375 BTC, worth approximately $21.77 million, to each exchange and transferred another 1250 BTC to various addresses, hinting at further possible sales.
A notable transfer of 1000 BTC, valued at $58.05 million, was made to a frequently used intermediary wallet. Additionally, 250 BTC, worth about $14.51 million, was moved to another address, raising concerns of more liquidations.
Germany’s Bitcoin reserves now stand at 13,177 BTC, valued at $765.94 million, down from 50,000 BTC in June 2024. Despite the large sell-offs, the BTC price remained stable at $57,000.
This sell-off highlights Germany’s strategic approach to managing seized digital assets, reflecting its potential to influence the broader cryptocurrency market.
