Germany Almost Done Selling Bitcoin, Holding Less Than 5K Tokens After Latest Moves

The
German
state
of
Saxony
is
quickly
running
out
of
bitcoin

(BTC)
to
sell
after
moving
another
batch
of
its
confiscated
assets
to
crypto
exchanges
and
brokers
on
Thursday.

Bitcoin
wallets
linked
to
the
German
authorities
transferred
a
total
of
10,567
BTC
worth
over
$600
million
in
multiple
batches
during
the
day
to
crypto
exchanges
Bitstamp,
Coinbase,
Kraken
and
other
service
providers
such
as
Flow
Traders
and
Cumberland
DRW,

blockchain
data
by
Arkham
Intelligence
shows.

After
today’s
transactions,
the
wallets
linked
to
the
authorities
held
only
4,925
BTC
worth
$285
million
at
current
prices,
down
from
the
50,000
BTC
worth
nearly
$3
billion
since
they
started
selling
the
assets
three
weeks
ago.

This
means
that
Germany’s
bitcoin
selling
spree
could
be
over
as
soon
as
Friday
or
early
next
week
at
the
current
pace,
given
that
the
wallets
unloaded
roughly
35,000
BTC
so
far
this
week.

Read
more:



It’s
Not
Germany
Selling
Bitcoin.
It’s
One
of
Its
States
and
It
Has
No
Choice.

The
tally
could
change
in
the
later
hours
because
of
the
wallet’s
odd
practice
of
receiving
a
part
of
the
transferred
assets,
at
times
in
the
$10
million
range,
back
from
exchanges
and
brokers
before
the
end
of
the
day.
(Greg
Cipolaro,
the
head
of
research
at
digital
asset
manager
NYDIG
,
called
the
on-chain
activity
“perplexing”
in
a

Wednesday
note.)

The
looming
finish
of
Germany’s
$3
billion
selling
spree
could
allay
crypto
investors’
fears,
who
have
been
fixated
on
the
on-chain
movements
of
large
potential
sellers
on
the
market
over
the
past
few
weeks,
tying
the
recent
downturn
in
asset
prices
to
concerns
over
supply
overhang.

Bitcoin’s
15%
correction
over
the
past
month
coincided
with
the
U.S.
government,
which
holds
over
$12
billion
in
seized
bitcoin,
moving
$240
million
worth
of
Silk
Road-related
BTC
to
Coinbase
and
the
estate
of
the
defunct
Japanese
exchange

Mt.
Gox
starting
repayments
of
140,000
BTC
to
creditors
this
month,
who
might
want
to
cash
out
after
ten
years
of
waiting.

Fears
about
the
looming
sell
pressure
may
have
been
overblown,
NYDIG’s
Cipolaro
said
in
a
report,
with
bitcoin’s
decline
exceeding
the
price
impact
if
all
the
potential
selling
materializes.