The German government has ramped up sales of confiscated Bitcoin, with more than $900 million transferred to exchanges and market makers in just eight hours on Monday, according to data from Arkham Intelligence.

Earlier in the day, Germany made a series of transfers of 250 BTC to Coinbase and 250 BTC to Bitstamp. Another 500 BTC worth $28 million were also sent to an unknown address.

Source: Arkham Intelligence

The latest transfers include $200 million in Bitcoin sent to Flow Traders, along with subsequent deposits to Coinbase, Bitstamp, and Kraken. Transfers to exchanges and market makers do not necessarily indicate that it has been sold, but indicate possible interest in liquidating the asset.

Source: Arkham Intelligence

After the massive sell-off, the German government wallet is now holding 23,788 BTC worth $1.34 billion.

The market appeared to react quickly to the latest transfer, with Bitcoin's price falling nearly 4% in just the past hour to below $55,000 before recovering. Bitcoin was trading above $58,000 early Monday.

Bitcoin price chart 1 hour. Source: TradingView

Analysts say the selling pressure on Bitcoin is unlikely to decrease in the coming days as the German government continues to sell off plus the failed exchange Mt. Gox refunds billions of dollars.

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