Germany runs out of Bitcoin after 23 days of selling
The German government has completely divested its Bitcoin holdings after 23 days of sales, concluding the process it began in late June, according to Arkham Intelligence data.
Arkham said the German government transferred the last batch of 3,846.05 BTC valued at roughly $223.81 million to Flow Traders and 139Po, which are likely institutional deposit or over-the-counter (OTC) services.
The flagship crypto was trading at $57,656 as of press time, based on CryptoSlate data.
Seized Bitcoin
The divestment marks the end of the German governments direct involvement with the crypto market, stemming from Bitcoin originally seized from operators of Movie2k.to, a defunct piracy website.
The strategic liquidation of seized assets is not uncommon among governments. The US has taken similar actions, auctioning off large amounts of crypto seized from illegal activities.
Coinbase Institutional reported that the Bundeskriminalamt (BKA), Germanys federal criminal police office, began selling the seized Bitcoin in mid-June. These sales caused a rise in supply that affected the market, leading to fluctuations in Bitcoin prices.
Since June, police-operated wallets have been systematically transferring funds to various exchanges and OTC desks, as well as an unidentified address.
ETFs, whales accumulate
The timing of these German Bitcoin sales has coincided with significant inflows into US spot Bitcoin exchange-traded funds (ETFs). Over the most recent four trading sessions, the ETFs have absorbed approximately $801 million in BTC.
Additionally, a recent CryptoQuant report highlighted that whales have been aggressively purchasing the token at the fastest rate since April 2023, taking advantage of the lower prices resulting from Germanys sell-off.
Arkhams tracker now shows a zero balance for the German governments Bitcoin holdings, marking a significant shift in the crypto landscape. The impact of this divestment on the market continues to unfold as institutional and individual investors react to the increased availability of Bitcoin.
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Text source: CryptoSlate
