German Government Sells Over 17,000 BTC Worth $951M, Including 16,000 BTC Worth $915.3M

Jul 8, 2024, 02:19 PM

The German government has been actively selling its Bitcoin holdings, transferring significant amounts to various exchanges and market makers. On July 8, they transferred over 16,000 BTC, worth approximately $915.3 million, causing Bitcoin's price to drop by 3.5% before a rebound. This marks the largest single-day liquidation by the German government, which has been selling Bitcoin since mid-June. The government initially seized 49,857 BTC earlier this year, primarily from the Movie2k piracy site. As of July 9, the German government has sold over 17,000 BTC worth $951 million, bringing their remaining holdings to 22,800 BTC, valued at around $1.32 billion. Despite the large sell-offs, Bitcoin's price remains relatively strong, trading over $57,000. Notable exchanges involved include Kraken, Coinbase, and Bitstamp, as reported by Arkham Intelligence.