German Government’s Potential End to Bitcoin Selling Spree Timeline Revealed
The German government’s Bitcoin selling spree might come to an end soon, based on recent data provided by Arkham Intelligence, a prominent blockchain analytics platform. The government has already lost its status as a Bitcoin billionaire and has made substantial transfers to major cryptocurrency exchanges, totaling over $117 million in BTC.
Following weeks of continuous selling, the German government now possesses less than a third of the originally confiscated coins from a notable operator of the movie2k.to exchange. In January, the Saxon State Criminal Police Office seized a massive 50,000 Bitcoins, valued at over $2 billion at the time, elevating Germany to one of the leading Bitcoin-holding governments globally.
The selling spree commenced in early June, causing concern among traders and investors. Criticism from the cryptocurrency community has been directed towards the government’s actions. Joana Cotar, an independent member of the German parliament, urged officials to reconsider selling Bitcoin, highlighting its diversification benefits and other positive attributes.
However, due to the nature of assets seized from criminals, particularly in Saxony, a state in eastern Germany, liquidation may be necessary. Despite the ongoing selling spree, there is optimism that it will not persist for an extended period. Bitcoin evangelist Alessandro Ottaviani predicts that the state will likely halt the liquidation of its cryptocurrency holdings by the end of July or at the beginning of the following week.
The selling activities have attracted significant attention within the cryptocurrency space. The community is closely monitoring the situation, with expectations that the German government may soon cease its Bitcoin liquidation efforts.
