Germany Executes Rapid Bitcoin Sell-Off, Transfers $900 Million in 8 Hours
Germany has significantly escalated the movement of seized Bitcoin to exchanges and market makers, transferring over $900 million in just 8 hours, as per on-chain data from Arkham Intelligence.
Recent transfers by Germany include $200 million to Flow Traders, alongside deposits to Coinbase, Bitstamp, and Kraken. While moving funds to exchanges doesn’t confirm selling, it does indicate potential interest in liquidation.
Following these transfers, Bitcoin’s price reacted swiftly, dropping nearly 3% in the last hour to $55,300. Earlier, Bitcoin had traded above $57,000.
Germany’s Bitcoin holdings have reduced to $1.34 billion from a recent peak of $3.5 billion a month ago. The seized funds primarily originate from the creators of the defunct piracy site Movie2k.to, from whom the government confiscated 50,000 BTC in January.
Germany’s recent series of transfers marks the largest single-day movement of Bitcoin seen so far. The government has made several smaller transfers in recent weeks, but this latest move is the most significant.
Editor’s note: This article has been updated post-publication with additional details.
