German Government Ready to Sell Bitcoin Worth IDR 14.6 Trillion

The German government is ready to sell Bitcoin worth IDR 14.6 trillion (Photo; Doc. Cvj)

JAKARTA - The German government is ready to launch the largest Bitcoin sales in their history, with a value of up to 900 million US Dollars (approximately IDR 14.6 trillion). Data from Arkham Intelligence shows that more than 16,000 BTC has been withdrawn from government wallets on July 8, leaving 23,787.7 BTC (a value of 1.35 billion US Dollars or around IDR 22 trillion) in their treasury.

At 8:32 a.m. ET, last Monday, Arkham first identified signs of continued sales. The government sent 2738.7 BTC (worth 155.3 million US Dollars or around IDR 2.5 trillion) to various exchanges and market makers, including Kraken, Cumberland, an unknown address, and an address that may be linked to institutional or over-the-counter (OTC) trading services. Cumberland and the unknown address received coins from the government for the first time.

Less than two hours later, Germany has shipped 8100 BTC (worth 463.2 million US Dollars or around IDR 7.5 trillion) to exchanges such as Kraken, Coinbase, and Bitstamp, including 200 million US Dollars (approximately IDR 3.2 trillion) sent to Flow Traders, a property trading company and market maker.

Soon after that, the government sent an additional 5200 BTC (worth 297.3 million US Dollars or around IDR 4.8 trillion) to Coinbase, Bitstamp, and OTC addresses.

Quoted from Crypto Potato, Arkham said, "This makes today their biggest day so far - more than 16,000 BTC in total. Less than half of the BTC originally confiscated from Movie2k remains."

Movie2k is a film hijacking site from which German police managed to confiscate 50,000 BTC in January this year. In contrast to their US counterparts who have seized larger Bitcoin numbers related to criminal organizations, Germany has released their coins for fiat currency at a much faster pace, which has disappointed crypto enthusiasts in 2024.

The founder of Tron and crypto billionaire Justin Sun last week offered to buy the rest of Germany's Bitcoin to reduce selling pressure in the market. The government's approach was also criticized by a German lawmaker, who suggested that governments keep their coins as part of diversified cash rather than sell them all.

Fears surrounding the German government's rapid sales, coupled with the Bitcoin redistribution from Mt. Gox, has sparked market corrections this month, pushing BTC prices to their lowest level since February.