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In the last 24 hours, the German government sold over $195M of 
Bitcoin seized from a movie piracy website.
What's the scoop?
- Continued Holdings and Future Sales: Despite these sales, German authorities still hold ~$3.05B Bitcoin. The government also transferred $65M of Bitcoin likely to exchange deposits, suggesting more dumps to come.
- Historical Context: In January, nearly 50,000 BTC of Bitcoin was seized from Movie2k.to operators and transferred to the German Federal Criminal Police Office.
Bankless Take
Even with massive buys from MicroStrategy, global governments are still massive holders of BTC and can move markets when they decide to cash out seized assets. Germany's selling comes at a tough time for crypto markets with spirits generally low after a brutal June. While only the German government knows its timeline for unloading its excess Bitcoin, remember that, like all things, this too will come to an end.
UPDATE: German Government Still Selling BTC > $195M So Far.
— Arkham (@ArkhamIntel) June 20, 2024
In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase.
The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including… pic.twitter.com/in2urlDBE0
