After a month of increased selling pressure, the German government has nearly exhausted its Bitcoin treasury, selling over 90% of the BTC seized in January, the largest Bitcoin seizure in the country’s history, valued at over $2.1 billion. With less than $300 million worth of BTC remaining, the sell-off period is nearing its end, signaling expectations of further price appreciation for Bitcoin.
On-chain data from market intelligence firm Arkham reveals that on Thursday, the German government sold 2,375 BTC ($137.87 million) to exchanges including Kraken, Bitstamp, and Coinbase. An additional 3,250 BTC ($191.02 million) was sent to exchanges for selling and over-the-counter (OTC) deals.
The German government recently transferred 5,000 BTC ($286.44 million) to Flow Traders, Coinbase, Kraken, Bitstamp, 139Po, and bc1qu. In total, 10,627 BTC ($615.33 million) were transferred to market makers and exchanges on Thursday alone.
