Germany’s $3 Billion Bitcoin Selling Spree Is Almost Done

The German state of Saxony is rapidly depleting its bitcoin (BTC) holdings as it continues to move confiscated assets to crypto exchanges and brokers. Bitcoin wallets associated with German authorities transferred a total of 10,567 BTC, worth over $600 million, in multiple batches to exchanges such as Bitstamp, Coinbase, Kraken, and other service providers like Flow Traders and Cumberland DRW. These transactions reduced the authorities’ wallet balance to 4,925 BTC, valued at $285 million at current prices. This decline comes after the government began selling its assets three weeks ago, initially holding 50,000 BTC worth nearly $3 billion.

The selling spree could conclude as soon as Friday or early next week, given that approximately 35,000 BTC have been unloaded this week alone. However, the tally may change due to the wallet’s practice of occasionally receiving a portion of transferred assets back from exchanges and brokers by the end of the day. Analysts believe that the impact of Germany’s selling pressure on the market will soon diminish as the net asset balance approaches zero. Some bullish bitcoin investors regret that liquidating these assets now may cause them to miss out on substantial future gains.

Sentiment: Positive