German law enforcement appears to be continuing the sale of confiscated Bitcoin, according to recent on-chain analysis. This follows a prior sale of around $170 million worth of the cryptocurrency last week.
The Federal Criminal Police Office (BKA) reportedly transferred another 900 BTC, valued at approximately $55 million, to cryptocurrency exchanges Coinbase and Kraken on Tuesday.
Additionally, blockchain analysis firm Arkham traced the movement of another 500 BTC (over $30 million) to an unidentified address. These transactions come after a period of significant price volatility for Bitcoin.
The cryptocurrency reached an all-time high of $73,797 in March before experiencing a correction. Prices briefly recovered above $64,000 in May but have since dipped again.
It is believed that the Bitcoin being sold by Germany originated from seizures made against the movie piracy website Movie2k.to. Following the latest sales, German authorities are estimated to hold roughly 46,359 BTC, with a current market value of $2.8 billion.
The reasons behind Germany's decision to sell its Bitcoin holdings remain unclear. Some speculate it may be due to the recent price slump, while others suggest a desire to convert the cryptocurrency into more traditional assets.
June 2024, Cryptoniteuae