Germany has sent at least $195 million of a total $600 million worth of Bitcoin (BTC) to be moved to centralized exchanges, according to Arkham Intelligence. This action has many people concerned about the potential impact on the market if they sell their huge Bitcoin holdings.

According to Arkham, the German Government moved a total of $600 million in Bitcoin (BTC) on June 19, of which $195 million was transferred to four addresses that were likely exchanges. Three of them were identified as being from the Kraken, Bitstamp and Coinbase exchanges.

These Bitcoin transactions were carried out by the German Federal Criminal Police (BKA), which confiscated nearly 50,000 BTC from piracy website Movie2k.to earlier this year. This seizure is the result of a major case in 2018, marking one of the largest cryptocurrency confiscations in history.

Following recent transactions, the German Government now owns 47,179 BTC – worth around $3 billion – according to Arkham data. Germany is also the fourth largest Bitcoin owner in the world, based on publicly available information. The top three countries are the US with 13.9 billion USD, China with 12.4 billion USD and the UK with nearly 4 billion USD. Each government has accumulated BTC primarily through confiscations by law enforcement in recent years.

Ukraine is the fifth largest Bitcoin holder with 46,351 BTC, most of which was obtained from former government official Yuri Shchigol. Meanwhile, countries like El Salvador, Venezuela and the Central African Republic are accumulating Bitcoin through purchases or investments and donations, as a solution to their economic and political challenges.

The sale of Bitcoin by the German Government is expected to influence the market, as these transactions can impact Bitcoin prices and reduce investor confidence. On the other hand, other countries are accumulating Bitcoin, showing the digital currency's potential, especially amid growing global economic and political challenges.