German Government Completes 50,000 Bitcoin Sell-Off

The German government has concluded its Bitcoin sell-off, which lasted nearly three weeks. As of July 12, wallets linked to German authorities no longer contain any Bitcoin, as revealed by blockchain data from Arkham Intelligence.

The last batch of 3,846.05 BTC was sent to Flow Traders and 139Po. This marks the end of a significant divestment that started with a staggering 50,000 BTC, valued at nearly $3 billion, just three weeks ago. The sell-off coincided with an 18% correction in Bitcoin’s price.

The German Federal Criminal Police Office (BKA) recently seized these 50,000 BTC from operators of the piracy website Movie2k.to. The transfer was finalized in mid-January, following a voluntary handover from the suspects.

While Germany’s Bitcoin liquidation seems to have ceased, other entities continue to offload large amounts of BTC. Mt. Gox and Genesis Trading, in particular, are still selling significant quantities, adding to the downward pressure on Bitcoin prices. Mt. Gox is repaying its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen. Meanwhile, Genesis Trading has been actively liquidating its assets, contributing to the recent market decline.