Before it started selling its assets en masse, the German government’s Bitcoin stacks were a full 50,000 BTC in size. The funds come from a massive seizure involving an illegal online piracy website known as ‘Movie2k’.

The massive sell-off process appeared to start on June 19th, and things have only gotten worse from there…

The Saga Begins…

June 19th: Dumping appeared to begin on June 19th when an address attributed to the German government transferred a full 1,500 BTC.

The funds were sent to three exchanges in Coinbase, Bitstamp, and Kraken, with each receiving around 500 BTC.

June 20th: Just a day later, and an additional 200 BTC had been sent to Coinbase, with the total sent rising to 1,700 BTC.

June 25th: After a brief weekend hiatus, transfers began again. This time, 400 BTC was sent to centralized exchanges.

200 BTC to Coinbase, and 200 BTC to Kraken.

June 26th: On the 26th, 250 BTC was sent again to exchanges, Kraken and Bitstamp. However, another interesting transaction occurred.

A full 345 BTC was sent to crypto market maker, Flow Traders. For many, this is likely in utilization of the firm’s smart selling functionality, the Bitcoin potentially being sold via a time/volume weighted average to maximize returns. However, this is not confirmed. 

July 1st: July started with 400 BTC being sent to the aforementioned three exchanges, causing the total CEX transfers to crest the 2,700 BTC mark.

July 2nd: A further 362 BTC is sent to Flow Traders and 283 BTC is sent to the three exchanges once again. Total rises above 3,000 BTC.

July 4th: Today saw the largest single-day CEX transfer in the story so far, with a full 1,300 BTC being sent to Coinbase, Bitstamp and Kraken. 

More To Come…

According to a today report from The Block, the German government has now sent more than $300 million to centralized exchanges and an unidentified address beginning ‘139Po…’.

However, the German government still holds 40,259 BTC worth a whopping $2.3 billion at today’s prices. What’s more the government has shown no signs of putting an end to its selling habits, despite an offer from Justin Sun to purchase the entire amount off-market.