The German government has already lost its Bitcoin billionaire status, according to data provided by popular blockchain analytics platform Arkham Intelligence.
It recently made another series of transfers to major cryptocurrency exchanges totaling more than $117 million worth of BTC.
After its relentless selling spree that has been happening over the past few weeks, the German government now owns less than a third of the coins that were originally confiscated from one of the infamous operators of the movie2k.to exchange.
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In January, the Saxon State Criminal Police Office announced a massive confiscation of a whopping 50,000 Bitcoins. This massive sum, which was worth more than $2 billion at the time of confiscation, made Germany one of the top holders of Bitcoin among governments.
Germany started its massive Bitcoin selling spree in early June, causing panic among traders and investors.
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The selling spree has naturally attracted a lot of criticism within the cryptocurrency community. Joana Cotar, an independent member of the German parliament, recently urged Michael Kretschmer, minister president at the government of Saxony, as well as some other German government officials, to quit selling Bitcoin, highlighting its diversification properties and other positive qualities.
However, Saxony, a state in the eastern part of Germany, might not have a choice since assets seized from criminals are supposed to be liquidated.
The good news? The relentless selling spree is unlikely to last for long. According to Bitcoin evangelist Alessandro Ottaviani, the state is expected to stop liquidating its cryptocurrency holdings this July. "This will likely be done with selling by the end of the week or latest by the beginning of next week," he wrote on the X social media platform.