Germany has officially completed the transfer of its Bitcoin holdings, according to recent blockchain data. The German government sold off the last of its 3846.05 BTC to Flow Traders and 139Po. This selling spree lasted nearly three weeks, during which the value of BTC corrected by approximately 18%.
Initially, the German government held a substantial amount of Bitcoin, totaling 50,000 BTC valued at nearly $3 billion. The BTC was seized from the operators of the piracy website Movie2k.to by the German Federal Criminal Police Office (BKA) back in 2013. After a voluntary transfer from the suspects, the BKA gained possession of the Bitcoin in mid-January.
Many in the crypto community have expressed their opinions on Germany’s decision to sell off its seized BTC. William Clemente III, co-founder of Reflexivity Research, believes that this move could potentially be seen as a significant strategic mistake in the coming decades.
While Germany’s selling spree may be coming to an end, other entities like Mt. Gox and Genesis Trading are still actively selling off large amounts of BTC. Mt. Gox, in particular, is repaying its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen. Genesis Trading has also been contributing to the recent price decline by liquidating assets and increasing selling pressure.
The recent completion of Germany’s Bitcoin transfer marks a significant event in the crypto space. It will be interesting to see how this decision impacts the market in the long run and whether other governments or entities follow a similar path in the future. As the crypto market continues to evolve, strategic moves like these will undoubtedly shape its future landscape.
