Germany has officially sold off all its Bitcoin holdings, wrapping up a 23-day fire sale that began in late June. This information comes from data analysis by Arkham Intelligence.
The final chunk of Bitcoin, valued at roughly $224 million, was sent to likely institutional service providers. This move marks the end of Germany's involvement in the crypto market, with Bitcoin originating from a seized piracy website.
Selling seized assets is standard practice for governments, and the US has done similar things with crypto. Germany's sales, however, impacted the Bitcoin market by increasing supply and causing price swings.
Interestingly, these German sales coincided with a surge of investment in US Bitcoin ETFs, suggesting some investors might have viewed the lower prices as a buying opportunity. This fire sale also seems to have attracted large investors (whales) who haven't bought this aggressively since April 2023.
With Germany out of the picture and Bitcoin more readily available, it will be interesting to see how the market reacts in the coming days and weeks.
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