Germany Liquidates Bitcoin, Moves $900 Million in a Mere 8 Hours

Germany Liquidates Bitcoin, Transfers $900 Million in Just 8 Hours

Germany Liquidates Bitcoin– The German government has significantly ramped up its movement of seized Bitcoin to exchanges and market makers, transferring over $900 million in just 8 hours on Monday, according to on-chain data tracked by Arkham Intelligence.

Recent hours have seen a flurry of transfers following Decrypt’s report of $28 million sent each to Coinbase and Bitstamp, split evenly, with another $28 million sent to an undisclosed address.

In the latest transfers, $200 million in Bitcoin was sent to Flow Traders, alongside additional deposits to Coinbase, Bitstamp, and Kraken. While these transfers don’t confirm immediate sales, they indicate a likely interest in liquidating the assets.

Markets reacted swiftly to the latest transfers, with Bitcoin’s price dropping nearly 3% in the last hour alone to $55,300, as reported by CoinGecko. Earlier on Monday, Bitcoin had traded above $57,000.

Germany Accelerates Bitcoin Transfers, Holdings Dip to $1.34 Billion

Germany’s recent flurry of Bitcoin transfers has reduced its holdings to $1.34 billion, down from a peak of $3.5 billion just a month ago. This marks the largest series of single-day transfers observed to date.

Germany’s Bitcoin reserves primarily stem from the seizure of funds belonging to the operators of Movie2k.to, a now-defunct movie piracy site. In January, the government confiscated 50,000 BTC from the site’s proprietors.

In recent weeks, Germany has executed several smaller transfers, but the $900 million move on Monday stands out as the most substantial.

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