On Monday, the German government transferred $297.3 million worth of Bitcoin to exchanges. These exchanges include Coinbase, Bitstamp, and other trading platforms, according to data provided by Arkham Intelligence.
Notably, this is the biggest amount of Bitcoin offloaded by the German government within a single day.
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The most recent batch of transfers comes after the German government sent 700 Bitcoins to exchanges on Sunday.
The leading cryptocurrency is currently trading just below the $56,000 level.
James Butterfill of Coinshares recently told CNBC that the market sentiment has soured due to the relentless selling initiated by the German governments despite that the fact that these sales are relatively insignificant if one takes into account Bitcoin’s global trading volumes.
Plenty of Bitcoins left to sell
Following its relentless selling spree, the German government continues to control roughly $1.35 billion worth of Bitcoin. These coins come from the Federal Criminal Police Office.
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According to Arkham, the government has already liquidated more than half of coins that were confiscated from one of the operators of the notorious Movie2k website.
As reported by U.Today, the German government’s Bitcoin sales have attracted criticism to from Joana Cotar, a member of er of the Bundestag. Cotar urged Chancellor Olaf Scholz and other leading German politician to reconsider the current policy while highlighting the benefits of holding the largest cryptocurrency.
Data provided by BitcoinTresuries shows that Germany ranks among the top countries by total Bitcoin holdings. The US comes in first place with almost $12 billion worth of holdings. The governments of China and the United Kingdom are also in the top 3.