Germany’s government has officially sold all of its Bitcoin holdings, totaling approximately $2.9B. According to data from Arkham Intelligence, Germany has made more transactions in the last 24 hours, offloading its BTC supply bit by bit. The government no longer holds any of the world’s leading cryptocurrencies.
The nation held as much as 50,000 BTC in June of this month. The accumulated assets, seized in January of this year, were worth a remarkable $2.8 billion. 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.
For context, the seized Bitcoin being sold originates from a large-scale seizure in 2013, when BKA confiscated nearly 50,000 BTC from the operators of Movie2k.to, a well-known film piracy website. The holdings at present price are worth nearly $3B. Similarly to the US, the German government is getting rid of Bitcoin by selling to exchanges, including Bitstamp and Kraken.
BTC has fallen from its steady $60,000 range to a 4-month low. The token trades at just over $57,700 at press time, down 15% in the last 30 days. The German Government’s Bitcoin selloff contributed to market panic around the coin, causing it to plummet.
However, there is optimism that Bitcoin can rebound. Now that the sell-off is officially over, and recent inflation data has been positive, some market experts believe BTC will rally back in the coming weeks. Furthermore, the upcoming arrival of Ethereum ETFs could reignite hype in the ETF market, providing healthy completion for Bitcoin ETFs and correspondingly BTC.