German Bitcoin Exchanges Unload Record-Breaking 16,000 Bitcoins in a Single Day


The biggest cryptocurrency by market capitalization, Bitcoin (BTC), saw considerable price fluctuation on Monday as German authorities ramped up their Bitcoin sell-off.


Following a short surge over $58,000 over the weekend, Bitcoin has had a 2% retracement in the last few hours due to the continued selling pressure on the market, which is being exacerbated by German authorities.




Authorities in Germany are cracking down on bitcoin sales.
Data from the blockchain analytics platform Arkham shows that the German government significantly increased their selling activity, as they conducted several transactions to exchanges and market makers.


The German authorities' wallet's on-chain data reveals a first transaction involving more than 2,730 BTC, or $155 million, and a second transfer of 8,100 BTC, or more than $463 million.


Another 5,200 BTC, or $297 million, was sent to Kraken, Bitstamp, and Coinbase by the authorities, who did not pause in their sell-off. With almost 16,000 BTC traded on Monday alone, these transactions made it the biggest selling day for the German authorities.


According to Arkham data, the German authorities have sold off a significant portion of their Bitcoin holdings, bringing their total worth to about $1.32 billion. This is a decrease of 23,787.7 BTC, which is less than half of the Bitcoins initially confiscated in January 2024.




Ki Young Ju, CEO and creator of CryptoQuant, a company that analyzes market data, said that the effect of the government selling bitcoin can be "overestimated." Ju claims that the aggregate realized worth of all Bitcoins since 2023 is little over $9 billion, or 4% of the total, indicating that the market for Bitcoins has been relatively unaffected in the long run by government seizures.

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