The German government has completed the sale of its Bitcoin holdings after nearly three weeks of selling. According to blockchain data, the wallets linked to German authorities no longer hold any Bitcoin as of Friday, July 12. The final 3846.05 BTC was sent to Flow Traders and 139Po.
The government originally held 50,000 BTC, valued at nearly $3 billion, before starting to sell off the asset. This led to a correction in BTC price by roughly 18%. The Bitcoin was originally seized by the German Federal Criminal Police Office from the operators of the piracy website Movie2k.to in 2013. The suspects made a voluntary transfer of the Bitcoin to the authorities in mid-January.
Some experts believe that Germany’s decision to sell off its seized BTC may be seen as a strategic blunder in the future. While Germany’s selling seems to have ended, other entities like Mt. Gox and Genesis Trading are still selling off significant amounts of BTC, contributing to the recent price decline. Mt. Gox is repaying its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen, while Genesis Trading continues to liquidate assets, adding to the selling pressure in the market.