The German government resumed selling its Bitcoin holdings on July 12, following the return of previously transferred BTC to its Bitcoin wallet. According to Arkham blockchain data, the government executed multiple transactions, transferring a total of 3,200 Bitcoin across various platforms.
These transfers included 400 BTC each to Bitstamp, Kraken, and Coinbase, with additional transfers of 1,000 BTC and 500 BTC to two unknown addresses. Crypto analyst Michaël van de Poppe speculated on X that the remaining Bitcoin, valued at approximately $300 million, would likely be sold on July 12.
Saxony, a German State, has sold almost all seized Bitcoin. They held $3.5B of Bitcoin (50000 $BTC) and are only left with approximately $300 million, likely to be sold today.
It’s incredible that this sell pressure has been absorbed and that Bitcoin’s price is around $60K. pic.twitter.com/AFBhYZq3wE
— Michaël van de Poppe (@CryptoMichNL) July 12, 2024
Such large government sales historically increase market volatility. However, distributing Bitcoin across different platforms may mitigate sudden price swings. The German government’s Bitcoin wallet, initially holding Bitcoin seized from a film pirating website in January, has seen substantial transfers since June 19, accelerating in early July.
Starting with 50,000 Bitcoins, the wallet has sold a significant portion over the past month, with 5,800 Bitcoins remaining—amounting to 88.4% of the original 50,000. On July 11, the wallet temporarily held below 5,000 BTC after transferring approximately $615 million worth to exchanges like Coinbase, Bitstamp, Kraken, Flow Traders, and two unknown addresses, according to Arkham.
