The German government initiated a significant Bitcoin unloading session today, starting at approximately 9:00 AM (local time). Within the first 15 minutes, the government transferred 2,375 BTC, valued at approximately $138 million, at an average price of $58,051 per Bitcoin. This marks the beginning of what could be a larger-scale liquidation of their cryptocurrency holdings.
This recent activity follows a substantial movement of Bitcoin by the German authorities in the preceding hours. In the last 16 hours, they reportedly sold up to $496 million worth of Bitcoin. This included moving out 10,853 BTC, valued at around $637 million, at an average price of $58,659 per Bitcoin, and subsequently receiving back 2,442 BTC, valued at about $141 million, at a lower average price of $57,560.
Remaining Holdings
As of now, the German government still holds 13,177 BTC, worth approximately $768 million, indicating they may continue to liquidate more Bitcoin throughout the day. These transactions are part of a larger effort to offload the Bitcoin seized from the pirated movie website Movie2k back in January.
This latest wave of Bitcoin movements leaves the government with 31% of their original seized amount, a significant decrease from their initial holdings. The cryptocurrency market closely monitors these developments, as further liquidations could impact Bitcoin’s market price.
Further updates are anticipated as the German government proceeds with its Bitcoin-selling strategy.
