Is Germany done transferring their Bitcoin? 

According to blockchain data, the German government has transferred its last Bitcoin holdings, ending a Bitcoin selling spree that has been going on for nearly three weeks.

According to blockchain data from Arkham Intelligence, as of Friday, July 12, there is no Bitcoin (BTC) remaining in wallets connected to German authorities.

The German Government sent the last of its 3846.05 BTC to Flow Traders and 139Po.

Three weeks ago, the German government was holding 50,000 BTC worth around $3 billion. Then they started selling the asset and BTC corrected by around 18%.

As crypto.news reported in early June, the German Federal Criminal Police Office (BKA) initially seized around 50,000 BTC from the operators of the popular pirate movie site Movie2k.to in 2013. The BKA obtained the Bitcoin in mid-January after receiving a “voluntary transfer” from the suspects. The BKA obtained the Bitcoin in mid-January after receiving a “voluntary transfer” from the suspects.

“Germany’s complete divestment of its BTC holdings could go down in history as one of the biggest strategic mistakes in the next few decades,” said William Clemente III, co-founder of Reflexivity Research.

BREAKING NEWS: 🇩🇪 German government sells all its shares #Bitcoin stocks totaling $2.9 billion.

— Observer.Guru (@GözcüGuru) July 12, 2024

The German sell-off appears to be coming to an end, but Mt. Gox and Genesis Trading are still selling significant amounts of BTC, contributing to the recent price drop. Mt. Gox repaid its creditors with over 140,000 BTC, 143,000 Bitcoin Cash, and ¥69 billion, while Genesis Trading is actively liquidating assets, adding to the selling pressure.