Arkham Intelligence’s blockchain analysis revealed that a Bitcoin wallet associated with the German government transferred a total of 10,567 BTC worth more than $600 million to several well-known cryptocurrency trading platforms and services, including Bitstamp, Coinbase, Kraken, Flow Traders and Cumberland DRW, in batches on the same day.

After the transaction, the balance of the wallet closely associated with the German authorities was reduced to 4,925 BTC, which is estimated to be worth about $285 million at current market exchange rates. This figure only accounts for 9.9% of the total amount of Bitcoin originally seized from the Movie2k case, indicating that Germany is actively managing its Bitcoin reserves.

Based on the current selling speed, the market speculates that the German Bitcoin selling activity may end as early as Friday or early next week, as the wallet has sold a total of about 35,000 Bitcoins this week.

This move is expected to alleviate some concerns in the market, as traders have been closely watching the on-chain dynamics in the past few weeks, trying to identify potential large sellers and linking the recent market pullback to possible selling pressure. As the selling progresses, the market may usher in a more stable trading environment.