According to blockchain data, the German government has moved the last of its bitcoin, ending a sell-off that lasted nearly three weeks.
As of Friday, July 12, wallets linked to German authorities no longer hold any remaining Bitcoin (BTC), according to blockchain Data From Arkham Intelligence.
The German government sent the last amount of 3846.05 BTC to Flow Traders and 139Po.
Three weeks ago, the German government held 50,000 bitcoins worth nearly $3 billion. Then it started selling the assets, and bitcoin corrected by about 18%.
As crypto.news reported earlier in June, Germany’s Federal Criminal Police Office (BKA) originally seized around 50,000 bitcoins from the operators of the popular movie site Movie2k.to in 2013. The BKA obtained the bitcoins in mid-January after receiving a “voluntary transfer” from the suspects.
“Germany dumping its entire stockpile of seized bitcoins could be one of the biggest strategic mistakes in history in the next few decades.” It was published. William Clemente III, co-founder of the Center for Reflexology Research.
The German selloff appears to be over, but Mt. Gox and Genesis Trading are still selling large amounts of BTC, contributing to the recent price decline. Mt. Gox has repaid its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese Yen, while Genesis Trading has been actively liquidating assets, adding to the selling pressure.