German Government Loses Bitcoin Billionaire Status: Offloads 73.2% of Seized BTC
The German government has been on a selling spree over the past few weeks. The back-to-back offloading has cost the government its “Bitcoin billionaire” status.
Key Points:
- German government sold 2,000 BTC (worth approximately $117.3 million) in the past few hours.
- Remaining Bitcoin holdings stand at 13,360 BTC (valued at around $784.96 million)
- Total Bitcoin sold represents 73.2% of the original amount seized from the Movie2k piracy case.
- Recent transactions involve exchanges like Coinbase, Kraken and OTC platforms.
The German government’s Bitcoin stash was a result of the seizure from the operators of Movie2k, a now-defunct piracy website. This made the government one of the most prominent BTC holders.
However, the government doesn’t believe in HODLing and has rather proven to be a seller, as we have witnessed in the past few days.
German government currently holds 26.8% of seized Bitcoin
The latest movements have reduced the government’s holdings to 13,360 BTC. This represents just 26.8% of the original seized amount.
Interestingly, this selling pressure over the last 24 hours hasn’t majorly impacted Bitcoin’s price. According to the latest data, BTC has remained relatively stable around the $58,000 mark.
Also read: Elliptic Exposes Huione Guarantee: Uncovers $11 Billion Crypto Scam
In the last 30 days, BTC has lost almost 17%. Nevertheless, Bitcoin has slowly spiked from its seven-day low of $54,092.
The remaining 13,360 BTC still represents a substantial sum. However, it remains unclear whether the government will keep selling their stash or plan to halt their movement.
