The German government has been selling some of its bitcoins in recent months. In January 2024, police in the eastern German state of Saxony seized nearly 50,000 bitcoins, which were valued at around $2.2 billion at the time.
According to cryptocurrency analysis platform Arkham Intelligence, on Friday, July 12, The German authorities transferred the last bitcoins from their main accountleaving her with a zero balance.
In this way, Germany completed the sale of its BTC reserves and put an end to the operation that kept the cryptocurrency market in suspense.
These cryptocurrencies were seized from a hacking platform known as Mivie2k.to, which no longer exists. Since then, the German government has been selling these cryptocurrencies, becoming a key factor in the recent cryptocurrency sell-off. Transactions were conducted through exchanges such as Coinbase, Bitstamp and Kraken.
This sale, which started about three weeks ago, is involved over $2 billion in bitcoins.
Although hundreds of millions of dollars is a significant amount, it is only a small fraction of the total number of bitcoins in circulation. Moreover, prolonged selling pressure limited Bitcoin’s gains and prevented it from breaking above the 200-day exponential moving average. While no specific official reasons have been given for these sales, it’s important to keep a close eye on how they affect the broader cryptocurrency market.
Due to this and the magnitude of BTC sales, the cryptocurrency’s price volatility has increased, resulting in a 20% correction over the past month.
The last recorded transaction, according to Arkham Intelligence, was for sending 3846 BTC, worth the equivalent of about $223.8 million, which was transferred to Flow Traders and an entity identified as 139Po. According to analysts, it could be an OTC market platform or an institutional depository services platform.
The transfers made by the German government have had a noticeable impact on the price of BTC, which has experienced significant volatility in recent weeks.