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German Government Resumes Bitcoin Selling Spree, Currently Holding Less Than 4,000 BTC

July 12, 2024

The government of Germany is continuing its Bitcoin (BTC) sell-off, bringing its total number of tokens down below 4,000.

According to new data from blockchain “de-anonymizing” platform Arkham Intelligence, during the last 24 hours, the German government has sold hundreds of millions of dollars worth of BTC, continuing its trend of selling off the crypto king over the last month.

The data unveils that Germany only has 3,860 BTC left in its vault, worth about $224 million.

In June, Arkham noted that Germany started selling the top crypto asset by market cap after it confiscated billions of dollars worth of BTC from Movie23.to, an illegal movie streaming website accused of distributing hundreds of thousands of pirated films between 2008 and May 2013.

According to the government, the owners of the site purchased the BTC with their illicit earnings. At the time, police seized 50,000 BTC worth $2.17 billion.

Days later, the market intelligence firm found that the government of Germany moved eight figures worth of Bitcoin to crypto exchange platforms Coinbase and Kraken.

Last week, Arkham found that the German government moved more than 16,000 BTC worth over $915 million in a 24-hour period to various addresses mostly belonging to crypto exchanges and market makers.

Bitcoin is trading for $58,077 at time of writing, a marginal decrease during the last 24 hours.

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