German Government’s Bitcoin Still Has More Than $40K Unsold

Key Points:

• The German government’s Bitcoin is still over 40,000 BTC worth more than $2.3 billion, and a recent sale on July 4 amounted to $175 million.
• Bitcoin’s price has fallen nearly 7% over the past week, partly due to these sales and anticipated Mt. Gox bitcoin distributions, with no specific date provided yet for the latter.
• Tron founder Justin Sun has offered to buy the remaining of the German government’s Bitcoin off-market to minimize price impact.

The German government has been actively selling seized Bitcoin, yet retains over 40,000 BTC valued at more than $2.3 billion, according to blockchain intelligence firm Arkham.

German Government’s Bitcoin Awaiting Sale

Since June 19, the German government’s Bitcoin sales reached 7,583, worth nearly $430 million, including a recent sale of up to $175 million on July 4.

These German government’s Bitcoin sales are occurring alongside the anticipated distributions from the Mt. Gox‘s Bitcoin incident. Blockchain data indicates that Mt. Gox wallets have been making test transfers, although the exact date for the start of distributions remains unspecified.

The situation is putting additional pressure on Bitcoin’s price, which has decreased by 2% in the past day and nearly 7% over the past week, falling below $54,000 on Friday and is currently recovering at $56,000.

Justin Sun Offers to Buy Remaining German BTC to Stabilize Market

In response to the liquidation of the German government’s Bitcoin, Tron founder Justin Sun has offered to purchase the remaining Bitcoin off-market to minimize potential price impacts. Germany’s actions are part of a broader trend where governments worldwide auction off confiscated digital assets linked to criminal activities.

Adding to the recent activity in the crypto space, the U.S. government transferred 237 BTC, valued at $13.67 million, on July 4. The movement, along with Germany’s sales and Mt. Gox’s anticipated distributions, has made these wallets some of the most closely monitored in recent weeks.