The German government is continuing to sell off its Bitcoin stash, with its holdings now below 4,000 BTC.
Bitcoin Sell-Off Continues
According to data from blockchain analytics platform Arkham Intelligence, Germany has sold hundreds of millions of dollars worth of Bitcoin in the past 24 hours. This follows a trend of selling the cryptocurrency over the past month.
Where Did the Bitcoin Come From?
The Bitcoin being sold was originally confiscated from Movie23.to, an illegal movie streaming website. The website was accused of distributing pirated films and using the Bitcoin to fund its operations. The government seized 50,000 BTC, worth around $2.17 billion at the time.
Moving Bitcoin to Exchanges
The German government has been moving the Bitcoin to crypto exchanges like Coinbase and Kraken. Last week, they moved over 16,000 BTC worth more than $915 million to various addresses, mostly belonging to exchanges and market makers.
Current Holdings
Germany currently holds around 3,860 BTC, worth approximately $224 million.
Disclaimer: This information is for general knowledge and should not be considered investment advice.
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