Germany’s Bitcoin Fire Sale Nears End After offloading Over $2 Billion in BTC

Germany’s Bitcoin sell-off is coming to a close, as the government has sold over $2 billion worth of BTC. The latest sale involved the transfer of 3,250 coins worth approximately $190 million to exchanges, leaving Germany with about $500 million worth of BTC. The government initially seized nearly 50,000 BTC from the operators of Movie2k.to, a film piracy platform that was inactive for over a decade. Since mid-June, Germany has been offloading these coins on major exchanges and over-the-counter trading desks. The total amount sold now stands at over 40,000 Bitcoin, valued at around $2.35 billion. On-chain data suggests that Germany now holds only 9,925 Bitcoin, worth $560 million. This sell-off has had a significant impact on Bitcoin’s price, causing it to dip below $53,000. However, analysts believe that with the government’s reserves dwindling, there may be a potential reprieve for the cryptocurrency market. The remaining $560 million represents a small portion of daily Bitcoin trading volumes and is much lower than Germany’s initial haul. Some experts predict that Germany could deplete its entire Bitcoin stash soon if the selling pace continues. However, the government’s decision to sell has faced criticism from Bitcoin proponents in the German parliament, who argue that the government should hold on to the scarce digital asset instead of converting it to euros. A Bitfinex report suggests that a potential local bottom has been reached, and volatility metrics are showing signs of stabilization, indicating greater stability going forward.