The German state of Saxony is quickly running out of Bitcoin (BTC) to sell after transferring another batch of confiscated assets to cryptocurrency exchanges and brokers on Thursday.
Arkham Intelligence blockchain data shows that Bitcoin wallets linked to German authorities transferred a total of 10,567 BTC worth more than $600 million in multiple batches throughout the day to cryptocurrency exchanges Bitstamp, Coinbase, Kraken and other service providers such as Flow Traders and Cumberland DRW.
After yesterday's transactions, wallets linked to the German government are left holding just 4,925 BTC worth $285 million at current prices, a sharp drop from 50,000 BTC worth nearly $3 billion since They started selling this property three weeks ago.
Source: Arkham Intelligence
This means that the German Bitcoin selling rush could end as early as Friday or early next week at the current pace, as wallets have sold around 35,000 BTC this week.
This number may change in the following hours due to strange behavior of the wallet receiving back part of the transferred assets, sometimes up to about $10 million, from exchanges and brokers before end of the day.
Greg Cipolaro, head of research at digital asset management firm NYDIG, said the activity was “confusing.”
Germany's nearing end to a $3 billion sell-off could ease the fears of crypto investors, who have been focusing on the onchain developments of potential major sellers in the market for several weeks past, tying the recent decline in asset prices to concerns about oversupply.
Bitcoin's decline coincides with investor concerns about oversupply. Source: NYDIG
Bitcoin's 15% correction over the past month coincided with the US government, which held more than $12 billion in confiscated Bitcoin, transferring $240 million in Silk Road-related BTC to Coinbase and its management Japanese exchange has shut down Mt. Gox started paying 140,000 BTC to creditors this month, who may want to cash out after ten years of waiting.
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