On July 8, 2024, the German government conducted a massive sale of Bitcoin previously confiscated from Movie2k's illegal operations. They managed to sell more than 16,000 $BTC reducing their total holdings to 23,787 BTC from the initial total of 50,000 BTC confiscated. These transactions are carried out through several major exchanges such as Kraken, Bitstamp, and Coinbase.
Although there is no official explanation regarding the purpose of this buying and selling action, its impact was seen in the selling pressure in the crypto market, which resulted in a decline in the price of Bitcoin from a level of around US$60,000 to around US$57,500 at the time this article was written. There is also speculation that further selling could occur, which could further influence the price of Bitcoin going forward.
Investors and crypto market players are advised to closely monitor the activity of wallets linked to the German government to anticipate potential further impacts on Bitcoin prices.
