The German government began preparing for the largest Bitcoin dump ever on Monday. It sent $900 million worth of digital currency to trading platforms. 📉😲

According to on-chain data from Arkham Intelligence, more than 16,000 BTC left the exchange's wallet on July 8, leaving 23,787.7 BTC ($1.35 billion) in its vault.

Germany's Biggest Bitcoin Sale

Arkham first spotted signs of a sustained sell-off at 8:32 a.m. Monday. He stated that the government sent 2738.7 BTC ($155.3 million) “possibly to exchanges and market makers,” including Kraken, Cumberland, an unidentified address, and possibly an address related to an institutional or over-the-counter (OTC) trading service. This was the first time Cumberland and the unidentified address had received government funds.

Arkham noted that Germany sent another 8,100 BTC ($463.2 million) to exchanges such as Kraken, Coinbase, Bitstamp, and $200 million was sent to Flow Traders - a proprietary trading firm and market maker.

Immediately after this tweet, the government sent an additional 5200 BTC ($297.3 million) to Coinbase, Bitstamp and OTC.

“This is their biggest day yet – over 16,000 BTC in total,” Arkham wrote. “Less than half of the BTC originally confiscated from Movie2k remains.”

Germany is shedding its coins to fiat currency at a much faster rate, much to the chagrin of crypto bulls.

Fears about a rapid sell-off by the German government triggered a market correction this month that dragged BTC to its lowest price since February.

How do you evaluate this move of the German government? We are waiting your comments! 💬👇🏼