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Record Bitcoin Sales by German Government – ​​Markets Nervous

The German government is making headlines by selling thousands of BTC from a Federal Criminal Police Office account, significantly impacting Bitcoin’s price. The 50,000 Bitcoin, seized from the illegal streaming site Movie2k, have been sold in tranches, causing market nervousness. Crypto celebrity Justin Sun offered to buy directly, but sales should end soon as only 27,000 BTC remain.



record bitcoin sales

Record Bitcoin sales are currently being initiated from a Bitcoin account owned by the German government, causing significant concern in financial markets. The impact of these sales on the price curve of Bitcoin is attracting global attention.

The German government is not usually associated with Bitcoin (BTC) – but these days the situation is different. A wallet belonging to the Federal Criminal Police Office is carrying out record Bitcoin sales, and experts like “Whale Panda” are drawing their conclusions on X about the BTC price curve, which is presenting itself nervously.

The background is 50,000 Bitcoin that came into the possession of the German authorities at the beginning of the year. They come from profits from the illegal and long-shut-down streaming site Movie2k.

First in small tranches and now in large packages, Bitcoin was transferred to crypto exchanges and was obviously also turned into money there. On Monday, July 9th, the analysis company Arkham counted a good 16,000 Bitcoin, which are worth almost $1 billion at current market prices.

Closing of Movie2k gave Germany billions in Bitcoin

The crypto scene has perhaps never seen such record Bitcoin sales from a single source. They may create an oversupply of BTC to be sold and thus send the Bitcoin price curve into the red. In addition, the psychological effects should not be underestimated, as Bitcoin is also under pressure from other sides.

Crypto celebrity Justin Sun took advantage of the situation to send an offer to Berlin via X. He is prepared to buy up all the Bitcoin in question directly, bypassing the market, and thus wants to minimize the influence on the markets. However, this can probably be classified as one of the typical PR campaigns of Justin Sun, who is responsible for a long list of questionable initiatives.

Conclusion: German record Bitcoin sales – hopefully an end is near

From an investor’s perspective, there is also good news: There are now “only” a good 27,000 Bitcoin (market value just under $1.6 billion) stored in the BKA wallet (as of Tuesday morning), and if the pace of sales continues, the nightmare should come to an end this week. It is a bit strange that the BKA is also withdrawing Bitcoin from crypto exchanges without selling them there, which is why the BTC account balance sometimes fluctuates faster than crypto Twitter can keep up.

But the government agency does not have much experience in trading Bitcoin and the like, and it could actually prepare direct deals that bypass the crypto exchanges on the free market. One more note: other governments are also believed to be sitting on Bitcoin treasures that have ended up with the state due to confiscations or similar reasons. It could therefore happen again at any time that Bulgaria or the USA, for example, decide to dissolve state Bitcoin reserves, case in which record Bitcoin sales would be seen again, and accept price pressure in return.


(Featured image by TamimTaban via Pixabay)

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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from tthe original. In case of discrepancy, the original will prevail.

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Sharon Harris is a feminist and a part-time nomad. She reports about businesses primarily involved in tech, CBD, and crypto. She started her career as a product manager at a Silicon Valley startup but now enjoys a new life as a personal finance geek and writer. Her primary aim is to provide readers with a new perspective on the overlapping world of finance and technology.