The German government has transferred another 2,700 Bitcoin (BTC) to crypto exchanges and OTC trading desks in the past few hours.
With this, the total number of BTC sold or currently on exchanges for selling has reached 43,106. That’s over 86% of the 50,000 bitcoins Germany seized from the piracy site Movie2k.
German government wallets continue BTC selling spree
Early on Friday, the German government had moved another 2,700 BTC. It represents Bitcoin worth over $154 million moved to various crypto exchanges, including Coinbase, Bitstamp and Kraken.
Flow Traders, 139Po and bc1qu are the other platforms to receive Bitcoin from the Germany-linked wallets.
Given these movements, the German government’s wallet now holds 6,894 BTC, which at current Bitcoin price, is worth approximately $394.5 million. Having held 50,000 BTC just a few weeks ago, the reduced figure points to the massive dump that has taken place.
The remaining bitcoin haul in the German government’s wallets is about 13.8% – meaning the sell-off in Bitcoin price has come amid an 86.2% offloading from the original 50,000 BTC.
Exchanges have returned unsold BTC
Despite sending $154 million in BTC to exchanges on Friday morning, German authorities have also received coins back from exchanges. Arkham data shows exchanges returned a total of 4,669 BTC on Thursday and Friday morning – likely representing unsold BTC.
In this case, Coinbase, Kraken and Bitstamp have all returned bitcoins. This could be due to the digital assets remaining unsold as per agreements with the German authorities.
Before the exchanges resend the crypto back, data showed only 4,925 BTC remained in German government wallets. At that time, the country held just 9.9% of the 50,000 bitcoins it had before they started selling.
Bitcoin price amid German government dump
In total, German authorities will have offloaded 43,106 BTC if they sell today’s 2,700 BTC sent to exchanges. Within the past two weeks, where German government selling has occurred nearly daily, Bitcoin price has dropped 7.4%.
The BTC price is also down 2.5% in the past 24 hours and nearly 16% in the red over the past month. As seen in the chart above, the low for the past 30 days is around $53,550 reached on July 5. Currently, Bitcoin changes hands near $56,960.
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