Happycoin.club - According to analytics firm Arkham, the German government has sold all of its Bitcoin assets, transferring the latest batch of 3,846.05 BTC worth $223.81 million to Flow Traders and 139Po, likely related to institutional deposits or OTC services market.

The Bitcoin analytics firm posted this information on social network X, which is banned in Russia, on Friday:

The German government no longer has any bitcoins. The German government just transferred 3,846.05 BTC ($223.81 million) to Flow Traders and 139Po (likely an institutional deposit/OTC service). The German government has 0 BTC ($0.00 million) left, the company clarified.

The German government has 0 BTC. Source: Arkham

The BTC sale process began in late June 2024. The Bitcoin assets originally belonged to the operators of Movie2k.to, a now-defunct pirate website. After gaining access to their wallets, law enforcement began transferring the funds to various exchanges, including Coinbase (NASDAQ:COIN), Bitstamp, Kraken, and Cumberland. The list also includes a company called Flow Traders and an unknown address.

According to Coinbase Institutional, the German government's Federal Criminal Police Office began selling confiscated bitcoin as early as mid-June, creating a supply glut and unbalancing the market.

The Bitcoin exodus from Germany coincided with an influx of capital into US spot Bitcoin ETFs. Over the past four trading sessions, these ETFs have absorbed approximately $801 million in BTC. In addition, according to cryptoquant.com, whales have taken advantage of the depressed prices and are buying Bitcoin at a rate not seen since April 2023.