The German government has completed its Bitcoin divestment after 23 days of sales, ending a process that began in late June. This information comes from Arkham Intelligence data.
Final Transfer Details
According to Arkham, the German government transferred the last batch of 3,846.05 BTC — worth roughly $223.81 million — to Flow Traders and 139Po. These entities are likely institutional deposit or over-the-counter (OTC) services. As of press time, Bitcoin was trading at $57,656, based on CryptoSlate data.
Seized Bitcoin Origins
This divestment ends the German government’s direct involvement with the crypto market. The Bitcoin was originally seized from operators of Movie2k.to, a defunct piracy website. Governments often liquidate seized assets strategically. For instance, the US has auctioned large amounts of crypto obtained from illegal activities.
Market Impact and Sales Process
Coinbase Institutional noted that the Bundeskriminalamt (BKA), Germany’s federal criminal police office, began selling the seized Bitcoin in mid-June. These sales increased supply, causing fluctuations in Bitcoin prices. Since June, police-operated wallets have systematically transferred funds to various exchanges and OTC desks, as well as to an unidentified address.
ETFs and Whale Activity
During these sales, there were significant inflows into US spot Bitcoin exchange-traded funds (ETFs). Over the past four trading sessions, ETFs absorbed approximately $801 million in BTC. A recent CryptoQuant report also highlighted that whales have been purchasing Bitcoin at the fastest rate since April 2023, taking advantage of the lower prices due to Germany’s sell-off.
Conclusion
Arkham’s tracker now shows a zero balance for the German government’s Bitcoin holdings. This marks a significant shift in the crypto landscape, with the market still reacting to the increased availability of Bitcoin. Institutional and individual investors continue to respond to these changes.
The post Germany runs out of Bitcoin after 23 days of selling appeared first on CryptoSlate.
