The German government's Bitcoin wallet fell to 9,094 BTC, just 18% of its original supply, after several transactions with crypto exchanges on July 11. The wallet, which held BTC confiscated during the fight against piracy in January, has been accelerating transactions since June 19. 📉

On July 11, the wallet even dropped below 5,000 BTC after sending 10,620 BTC (worth $615 million) to trading platforms Coinbase, Bitstamp, Kraken and two anonymous addresses. However, some of the funds were soon returned to the German wallet, which increased Bitcoin reserves in Germany above 9,000 BTC.

The current report means the German government now only owns 18% of the 49,857 Bitcoin it seized from piracy website Movie2k in January, worth $520 million.

Germany's massive sell-off did not go down well with German lawmaker and Bitcoin activist Joana Cotar, who argued earlier this month that Bitcoin could become a "strategic reserve currency."