German Government Bitcoin Holdings Fall to $285M Amid Sell-Off

Joshua Ramos

The German government has seen its Bitcoin holdings fall below $300 million as the country has continued its mass sell-off of the leading cryptocurrency. The ongoing saga has led to immense selling pressure to affect the market. However, an end could be approaching.

The nation held as much as 50,000 BTC in June of this month. The accumulated assets, seized in January of this year, was worth a remarkable $2.8 billion. Now, Arkham Intelligence data shows that less than 5,000 bitcoins remain from that massive stash. Most of the confiscated BTC has already been sold.

Also Read: German Government’s Repeated Bitcoin Transfers

Germany’s BTC Sell-Off Finally Nears an End

BTC exchange

The crypto market is navigating an unexpected development with the German government’s mass sell-off of Bitcoin. It shocked many investors and was a definite strain on the BTC price over the last several weeks. Yet, it looks to be nearing its final stretch.

The government currently controls only $284 million worth of BTC. That is a far cry from the nearly $3 billion it had earlier this year. Since June 20th they have offloaded the asset to crypto firms like Kraken, Coinbase, Bitstamp, and Cumberland. Earlier this week, those sales went into overdrive, and has the stash almost completely evaporated.

On Monday, Germany sold $900 million from its BTC wallet. That was its largest single-day Bitcoin liquidation and showed its focus on depleting the stash. However, that tactic had an overwhelmingly negative effect on the price of Bitcoin.

Also Read: German Government Preparing to Sell Another $276M in Bitcoin

Although it has made somewhat of a comeback today, Bitcoin is down more than 12% over the last 30 days, according to CoinMarketCap. Trading at $57,874, the asset is a far cry from its $73,000 all-time high it reached in March of this year. With Germany’s sales nearing an end, and positive inflation data, there is the expectation that a turnaround could be on its way.

Even more interesting is the response to the sales. Charles Edwards, the founder of Capriole Investments, discussed the development. Specifically, he was shocked by the decision. “In a few years, this will be looked back on as one of the biggest geopolitical blunders of all time,” he said. “It will be studied in universities.”