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The German government’s Bitcoin wallet now holds only 5,900 BTC worth about $338 million after weeks of selling down an original stash of 50,000 seized BTC.
This wallet has been dumping Bitcoin seized from a film pirating website since last month, leaving Germany with only 11.8% of its original BTC hoard to sell.
On July 12, the wallet sent 2,700 BTC, worth $154 million, to Coinbase, Bitstamp, Kraken, an over-the-counter (OTC) platform, and an unknown wallet address, according to Arkham.
The wallet’s holdings briefly dropped below 5,000 BTC on July 11 after transferring over 10,000 coins to cryptocurrency exchanges and other wallet addresses. However, some unsold coins were later transferred back to the wallet.
Bitcoin Selling Spree Triggers Criticism
The selling spree has drawn criticism from German legislator Joana Cortar. In a post on X, Cortar said the selling activity was “not sensible but counterproductive.”
She argued that the German government should hold Bitcoin as a strategic reserve currency and invited other legislators to learn more about the digital asset.
Concerns about selling by the German government, and refunds made to investors by the defunct crypto exchange Mt. Gox that might then be sold, have helped plunge the Bitcoin Fear and Greed Index to 25, the lowest since January last year and a reading that shows “extreme fear” among investors.
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