- The German government sold $951 million worth of Bitcoin in a single day, marking its largest single-day liquidation of BTC.
- The government offloaded 17,000 BTC, with over 1,500 BTC sold within a single hour worth more than $87 million.
- Germany still holds over $1.3 billion worth of Bitcoin after the massive sell-off.
The German government has continued its trend of selling large amounts of Bitcoin. In the past 24 hours, the country sold over $951 million worth of the leading cryptocurrency in its biggest single-day sale yet.
Massive Single-Day Bitcoin Sale
On Monday, the German government sold over 17,000 BTC worth $951 million in just one day. According to blockchain analyst Arkham Intelligence, this is the government’s largest ever liquidation of Bitcoin.
Earlier in the day, the government had already sold over 1,500 BTC within a single hour, totaling over $87 million. Over the next several hours, it sold another 5,200 BTC according to Arkham. Even after this massive sell-off, the German government still holds over $13 billion worth of Bitcoin.
Germany’s Ongoing Bitcoin Dump
Over the past month, Bitcoin has struggled significantly. According to CoinMarketCap, the leading crypto has fallen over 18% in the last 30 days and is currently trading at $56,300 – far below its all-time high of $73,000 reached in March.
During this decline, the German government has continued its sale of seized Bitcoin reserves. The 951 million liquidation in the past day is just the latest in a series of big sell-offs.
Earlier this year, German police had seized over 50,000 bitcoins in the state of Saxony, valued at over $22 billion. This stash has provided the basis for the government’s recent sales. In June alone, Germany’s Federal Criminal Police Office sold 900 BTC worth over $52 million.
Last week, the government sold over 3,000 Bitcoin, sending the seized reserves to exchanges like Coinbase, Bitstamp and Kraken. The ongoing liquidations have contributed to Bitcoin’s plunge to its lowest price levels since February.
