Only 4925 Bitcoin Remaining for BTC Sales Signaling Imminent Conclusion
German authorities have sold 10,567 BTC, equivalent to $600 million, leading to an 18% decline in Bitcoin’s price over the past month. The sell-off by German authorities, along with the liquidation of assets by Mt. Gox and Genesis Trading, has contributed to this downward trend.
As of 1:00 p.m. EST on Thursday, July 11, the wallets associated with German authorities still hold 4,925 BTC, valued at $285 million. This represents a significant decrease of over 90% from the initial holdings of 50,000 BTC, worth nearly $3 billion, when the selling process began three weeks ago. The correction in Bitcoin’s price has been approximately 18% since Germany initiated their Bitcoin liquidation.
Today, German authorities transferred 10,567 BTC, valued at over $600 million, to exchanges such as Bitstamp, Coinbase, and Kraken, as well as other service providers, according to blockchain data from Arkham Intelligence.
In June, it was reported that the German Federal Criminal Police Office (BKA) seized around 50,000 BTC from the operators of the piracy movie website Movie2k.to back in 2013. In mid-January, the BKA received a “voluntary transfer” of the Bitcoin from the suspects.
Recently, Tron founder Justin Sun proposed purchasing Germany’s Bitcoin in order to minimize the impact on the market.
While Germany’s sell-off seems to be nearing its end, there are still other entities that need to sell their BTC. Mt. Gox, once one of the largest Bitcoin exchanges before its collapse in 2014, has begun repaying its creditors after a lengthy process. This involves the payout of over 140,000 BTC, 143,000 Bitcoin Cash, and 69 billion Japanese yen, totaling approximately $9 billion. Analysts have expressed concerns that the increased supply of BTC in the market could create significant downward pressure on prices, as creditors may sell off their holdings to secure profits.
In addition, Genesis Trading has been actively selling BTC over the past month, further contributing to the selling pressure in the market. The combined actions of Mt. Gox, Genesis Trading, and the German sell-off have intensified the recent decline in Bitcoin’s price, which has already experienced an 18% drop over the past month.
