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After weeks of market turbulence and anxiety within the crypto community, the German government is nearing the conclusion of its extensive Bitcoin selloff. In June, Germany held 50,000 BTC, valued at $2.8 billion, seized from the film piracy site Movie2k. Today, on-chain data from Arkham Intelligence indicates that only 4,925 BTC, or approximately $284 million, remain in government wallets. German officials have made significant transfers to exchanges and market makers, particularly on early Thursday, suggesting an accelerated selloff.
The government has directed billions of dollars in Bitcoin to major crypto exchanges like Kraken, Coinbase, and Bitstamp, along with institutional trading desks such as Cumberland, since June 20. These movements have contributed to a considerable sell pressure, resulting in a 13% decline in Bitcoin’s price over the past month, with BTC trading at $57,660 on Thursday. Despite occasional transfers back to government wallets, the net balance is rapidly approaching zero, indicating that the selloff is nearing its end. While this could relieve market pressures, some bullish investors argue that Germany might miss out on future gains by liquidating now.
