Where did the German government get its Bitcoin?

In January 2024, police in the eastern German state of Saxony announced the seizure of nearly 50,000 BTC, which was worth about $2.2 billion at the time. The Saxony police commented at the time: "This is the largest amount of Bitcoin seized by law enforcement authorities in the Federal Republic of Germany so far."

After the seizure, the German Federal Criminal Police Office transferred the Bitcoins to one of its own controlled addresses.

How many Bitcoins did the German government hold?

At present, the German government's holdings that can be tracked through public information and on-chain analysis are only the funds seized from Movie2k.to mentioned above, which is about 50,000 BTC.

However, considering that the Saxony police described the seizure as "the largest amount of action" rather than "the first action" at the time, it is not ruled out that the German government has previously obtained some Bitcoin through other actions.

Therefore, we conservatively judge that the German government held at least 50,000 BTC before the sell-off.

When did the German government start selling? How far has the selling progress reached?

On June 19 this year, Arkham monitoring found that the German government-related addresses transferred 6,500 BTC, and transferred 2,500 of them to exchanges such as Kraken and Bitstamp through new addresses. The price of BTC on that day was about $64,000.

Since then, the German government-related addresses have continued to transfer BTC almost every day, ranging from hundreds to thousands. Yesterday, the German government's sell-off reached its peak. On-chain analyst Ember Monitoring pointed out that the German government transferred a total of 16,038.7 BTC (about $915 million) to exchanges and market makers yesterday.

As of the time of posting, the German government-related addresses still hold about 27,500 BTC, which means that the German government may have sold 23,500 BTC, and the sell-off progress is close to half.

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