Bitcoin’s price has remained relatively stable despite a significant sell-off by Germany. Bitcoin is holding steady above $56,000 even after the reports. Germany’s government has initiated a significant liquidation of its Bitcoin holdings, transferring 6,306.9 BTC valued at more than $362 million to various entities, according to Lookonchain.
On Tuesday, these transfers included 800 BTC worth $45.9 million to Kraken, while market makers B2C2 Group and Cumberland DRW received $287.1 million and $6.2 million in Bitcoin, respectively. Another 400 BTC, valued at around $24 million, went to an unlabeled address, likely an OTC desk.
This move follows Germany’s decision to liquidate part of its Bitcoin stash, originally seized from the illegal film site Movie2k, reducing its holdings from over 50,000 BTC to approximately 22,847 BTC, valued at over $1.3 billion.
Last week, Germany made substantial transfers, including 15,00 BTC worth $94 million in 20 minutes, predominantly to exchanges and institutional counterparts. Bitcoin’s market price remained resilient, holding steady above $59,000 at the time of reporting, as per CoinMarketCap, despite the massive sell-off.
Platforms like Bitstamp, Coinbase, and Kraken have also returned over $300 million in BTC to German state-controlled wallets, indicating challenges in liquidating crypto at agreed price ranges.
The transactions underscore Germany’s active management of seized digital assets, marking one of the largest state-driven Bitcoin liquidations in recent times.
