German Government Sells Bitcoin Worth 951 Million in a Single Day

CoinDesk reported:
The German government continues its trend of selling Bitcoin, recently selling 17,000 Bitcoin in one day, worth $951 million. Blockchain analyst Arkham Intelligence stated that the latest transaction is the government’s largest single-day liquidation of the leading cryptocurrency.
Earlier on Monday, the government sold over 1,500 BTC within an hour, valued at over $87 million. In addition, according to data from Arkham Intelligence, the government traded another 5,200 Bitcoin in the past few hours. The government still holds over $1.3 billion worth of Bitcoin.
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Germany continues to sell BTC with the largest single-day liquidation
Bitcoin has been struggling in the past few weeks. According to data from CoinMarketCap, the leading cryptocurrency has fallen by over 18% in the past 30 days. In fact, the token is currently trading at $56,300, far from the all-time high of $73,000 set in March of this year.
This decline coincides with the German government’s continued sale of Bitcoin in the past few weeks. This situation has persisted until today. The government sold $951 million worth of BTC in the past 24 hours, marking the country’s largest single-day liquidation.
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Earlier this year, the German police confiscated over 50,000 Bitcoin in the state of Saxony. The value of this cryptocurrency exceeds $2.2 billion, forming the basis for mass sell-offs. In June alone, the Federal Criminal Police Office of Germany sold 900 BTC worth over $52 million.
This situation continues, with the agency selling over 3,000 Bitcoin last week. In contrast, the government has been sending confiscated cryptocurrencies to exchanges such as Coinbase, Bitstamp, and Kraken. The selling pressure has caused the price of Bitcoin to drop to its lowest level since February 2024.