According to Arkham Intelligence, during the sell-off of the flagship cryptocurrency, German government agencies transferred more than 10,000 BTC through various means, including through the accounts of institutional traders and market makers. The German government now has less than 10,000 BTC left in its account, worth about $574 million.
The recipients of the “German” BTC were cryptocurrency exchanges Coinbase, Kraken and Bitstamp. In addition, some of the funds were sent to addresses associated with institutional traders and market makers, such as the British B2C2, Cumberland DRW and Flow Traders.
Arkham noted that compared to the initial trading period, the cryptocurrency market began to adapt to the supply of additional liquidity, which ceased to affect the price of Bitcoin. Against this background, the market value of the first cryptocurrency increased by almost 2% in 24 hours.
The sale of Bitcoin has drawn criticism from crypto-oriented members of the Bundestag. For example, MP Joana Cotar criticized the government for selling state reserves of BTC and called the practice counterproductive.
At the same time, Bit Digital CEO Samir Tabar statedthat the hype surrounding Germany’s BTC sales has no legal or factual basis. The crypto assets in question are the property of Saxony, which has the status of a “free state” within Germany. It is Saxony, not the German authorities, that is selling its BTC in accordance with standard legal practice for any assets seized during criminal investigations.
Source: Bits
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