German Government Unloads 80% Of Bitcoin Holdings, Leaving Only $890M Behind

Share This Post

In recent weeks, German authorities have stepped up the sale of significant amounts of Bitcoin (BTC), resulting in increased selling pressure on the world’s largest cryptocurrency, which has fallen over 20% in the past month. 

Bitcoin Reserves On The Brink Of Exhaustion

The selling spree began last month when the German government initiated the sale of seized Bitcoin from a wallet operated by the country’s Federal Criminal Police Office, commonly known as the Bundeskriminalamt (BKA). 

The BKA sold 900 BTC in June valued at around $52 million at the time, which were part of a massive haul seized from a now-defunct movie piracy website. Subsequently, the government sold an additional 3,000 BTC worth approximately $172 million, followed by another sale of 2,739 BTC, equivalent to $155 million this week.

Adding to these figures, the latest data from blockchain analytics firm Arkham reveals that the German government’s wallet sold over 5,000 BTC on Wednesday, leaving just 15,552 BTC in its stash worth around $892 million, representing a sell-off of more than 80% of their entire stash of 50,000 BTC seized. 


Price Remains Steady As BlackRock Steps In

Despite the significant sell-off, Bitcoin has managed to maintain its price above the crucial 6-month support level of $50,000, signaling resilience in the face of the massive selling pressure witnessed in the market over the past 30 days. 

Furthermore, the recent pullback from all-time high levels has been viewed by many investors, including institutional asset managers, as a buying opportunity, contributing to the slight recovery in Bitcoin prices over the past few days. Akrham even stated in a social media post, “The German government is selling, but Blackrock is buying. 

Recent data shows that on Wednesday, the Bitcoin ETF market activity has seen a net addition of 4,862 BTC valued at $281 million, mitigating the impact of the daily sell-off by the German authorities. 

BlackRock for instance, one of the largest ETF issuer by assets under management,  increased its BTC holdings today by 2,095 BTC (worth $121.16 million), bringing its total holdings to 312,565 BTC worth $18.08 billion, playing a significant role in stabilizing and supporting the Bitcoin price. 


At the time of writing, the largest cryptocurrency on the market is trading at $57,430, almost unchanged from Tuesday’s price with a slight drop of 0.4% in the last 24 hours. Nevertheless, BTC still records a price drop of over 22% from its all-time high of $73,700 reached in mid-March. 

Featured image from DALL-E, chart from 

Read Entire Article
- Advertisement -spot_img

Related Posts

Nigeria Acts to Defend Naira After Currency Hits New Record Low

The Central Bank of Nigeria recently sold US dollars to Bureaux de Change (BDC) at a flat rate of NGN1,450 per greenback The central bank stated that eligible BDCs can sell the dollars to end-users

Bitcoin Vs. Ethereum: Why This Analyst Believes BTC Will Outperform ETH

Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term He made this assertion based on his belief that the Spot Ethereum ETFs will

Messari CEO Selkis Resigns After Controversial Political Posts

Ryan Selkis, founder of Messari, has stepped down as CEO, following controversial social media posts He will transition to Senior Advisor, while Eric Turner takes over as interim CEO “This week

Is $200 Within Reach For Solana Price? Here’s Why This Blockchain Firm Thinks So

Like the general crypto market, the price of Solana (SOL) witnessed significant growth over the past week According to the latest on-chain data, this might only be the beginning for SOL’s price,

US Senator Highlights Bitcoin as Currency Unaffected by Widespread Cyber Outages

US Senator Cynthia Lummis has emphasized bitcoin’s resilience as a form of currency unaffected by widespread cyber outages Her remarks followed major system failures linked to Crowdstrike,

Microsoft Outage Draws Criticism From Crypto Community, Is Shiba Inu The Answer?

The team behind Shiba Inu recently took a swipe at Microsoft, one of the largest companies in the world Microsoft just had the largest IT outage in history on Friday, July 19 Businesses around the