The German government has completed the transfer of its Bitcoin holdings, ending a three-week selling spree that saw the sale of 50,000 BTC worth nearly $3 billion.
As of July 12, the German authorities’ wallets hold no Bitcoin, according to Arkham Intelligence data. This final transfer of 3,846.05 BTC to Flow Traders and 139Po marks the end of this significant liquidation.
In 2013, the German Federal Criminal Police Office (BKA) seized the Bitcoin from the piracy movie website Movie2k.to. The BTC was handed over voluntarily by the suspects in January. The recent sale caused an 18% correction in Bitcoin’s price.
Analysts like William Clemente III suggest that Germany’s decision to sell might be seen as a strategic blunder in the coming decades. Meanwhile, other entities like Mt. Gox and Genesis Trading continue to sell large amounts of BTC, adding to market pressure.
This event underscores the significant influence that major Bitcoin holdings can have on the market. The long-term effects of Germany’s sale remain to be seen, but it sets a precedent for how governments might handle seized digital assets in the future.
