German Government Continues Bitcoin Dumping: $146 Million in Transfers to Exchanges
The Block1 week ago
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German Government Continues Bitcoin Dumping: $146 Million in Transfers to Exchanges

Bitcoin
Crypto
Germany
Government
MarketSentiment

Summary:

  • The German government transferred $146.8 million worth of Bitcoin to exchanges like Bitstamp, Kraken, and Coinbase.

  • This follows a previous transfer of $637.7 million worth of Bitcoin just the day before.

  • The government is aiming to offload 50,000 confiscated bitcoins seized from the now-defunct film piracy website Movie2K.

  • The Bitcoin price is down around 10% since the German authorities began selling their Bitcoin holdings in June.

  • This move has been criticized as "counterproductive" by some in the crypto community.

German Government Continues Selling Confiscated Bitcoin

The German government has continued its strategy of selling off confiscated bitcoin by transferring another $146.8 million worth of Bitcoin to exchanges. This follows a similar transfer of $637.7 million worth of Bitcoin just the day before.

The transactions involved sending 2,527 Bitcoin to exchanges including Bitstamp, Kraken, Coinbase, B2C2 Group, and Cumberland DRW. This brings the total amount of Bitcoin sold by the German government to over $784.5 million since they began selling off their confiscated Bitcoin holdings in June.

The government currently still holds around 13,025 Bitcoin, valued at more than $758 million. The overall strategy is to offload 50,000 confiscated bitcoins seized from the now-defunct film piracy website Movie2K in January.

This move has been criticized by some, including German Bundestag member and bitcoin advocate Joana Cotar, who believes it is "counterproductive".

Bitcoin Price Impact

While the price of Bitcoin is down less than 1% on the day, it is down around 10% since the German authorities began moving funds to exchanges on June 18. This highlights the potential impact of the German government's sales on the Bitcoin market.

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