Germany Left with 9K Bitcoin Only 3 Weeks After Sales Start

Germany’s Bitcoin holdings briefly dropped below 5,000 BTC after transferring a large amount to Coinbase, Bitstamp, and Kraken. However, some Bitcoin has since been moved back.

As of July 11, the German government’s Bitcoin wallet holds 9,094 BTC, just 18% of its original amount, following a series of transfers with crypto exchanges.

Germany’s Bitcoin Holdings Dramatically Reduced After Exchange Transfers

The German government’s Bitcoin wallet, holding $57,202 BTC seized from a film pirating website in January, has seen billions in Bitcoin transferred out since June 19, with efforts intensifying at the start of July.

On July 11, the wallet dipped below 5,000 BTC after transferring 10,620 BTC, worth $615 million, to cryptocurrency platforms Coinbase, Bitstamp, Kraken, Flow Traders, and two anonymous addresses, as reported by blockchain intelligence firm Arkham.

Shortly after, some of these funds were transferred back, raising Germany’s Bitcoin holdings to just above 9,000 BTC.

 Source: Arkham

Currently, Germany holds only 18% of the 49,857 Bitcoin it originally seized from the film piracy website Movie2k in January, now worth $520 million.

Arkham suggests that the two anonymous addresses involved, ending in “139Po” and “bc1qu,” are likely owned by institutional deposit or over-the-counter trading service providers, though this hasn’t been confirmed.

German Bitcoin Sell-Off and Market Concerns Fuel Price Slump

Germany’s large-scale Bitcoin sell-off has faced criticism from German lawmaker and Bitcoin activist Joana Cotar. Earlier this month, Cotar argued that Bitcoin could have been adopted as a “strategic reserve currency” to protect against risks in the traditional financial system.

Additionally, one Ordinals user expressed their frustrations by sending an inscription in German to Germany’s wallet address, which translates to “Taxes are robbery.”

The sell-off, along with concerns that Mt. Gox has begun offloading more than $8 billion in Bitcoin to its creditors, has contributed to a recent Bitcoin price slump.

These bearish events have also impacted market sentiment, with the Crypto Fear & Greed Index falling into the “Extreme Fear” zone for the first time since January of last year. Bitcoin is currently trading at $56,870, down 1.8% over the last 24 hours and 15.1% over the past month.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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