Germany is nearing the end of a significant Bitcoin sell-off campaign, amidst sustained sell pressure and community concern within the crypto sphere.
Initially holding 50,000 BTC seized from Movie2k's operators in January, valued at $2.8 billion today, Germany has substantially reduced its holdings. According to blockchain analysts Arkham Intelligence, only 4,925 BTC, approximately worth $284 million at current rates, remain in German government wallets. Recent reports indicate multiple transfers to exchanges and market participants earlier this week.
These transfers, which commenced in June and have totaled billions of dollars, targeted major platforms like Kraken, Coinbase, and Bitstamp, alongside institutional desks such as Cumberland. These outflows have exacerbated sell pressure on Bitcoin, which traded at $57,660 on Thursday, down 13% over the past month.
While transfers to exchanges imply potential market sales, it's unclear if all funds were immediately liquidated. Germany has occasionally recalled Bitcoin from exchanges like Kraken back into its wallets post-transfer.
Despite these actions, Germany's net balance is swiftly approaching zero, signaling a potential conclusion to its market intervention. Critics argue that Germany risks missing out on future price increases by liquidating assets now.
"In a few years this will be viewed as one of the greatest geopolitical blunders of all time," Charles Edwards, founder of Caprio Investments, wrote on Twitter. "It will be studied in universities."
As of now, the trading price of Bitcoin is around $58,000.
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