The German government can soon get a new chance to re -introduce the Bitcoin (BTC) market. After selling his BTC Holdings in mid -2024, Arkham Intelligence announced that it has discovered more than 45k BTCs with a value of around $ 5 billion, which the German government did not take up to Movie2K, a fooled film piracy website.
Arkham reported that the Movie2K operators voluntarily do not transfer 45k BTCs to the German government. Moreover, the German government has not identified the extra portfolios, which have remained inactive since 2019.
“We found another Bitcoin cluster connected to earlier Film2K movements and addresses that have a total of around 45,000 BTC (currently worth $ 4.99 billion). This is probably still under the control of the Movie2K operator noted.
Will the German government or sell if it grabs?
The Bitcoin market experienced Beerarish sentiment during the period between June and July 2024 partly because of the sale by the German government. In particular, the German government sold 50k BTCs last year for around $ 2.8 billion, which has since been doubled to date.
If the German government changes in the field of identified BTCs of Movie2K and decides to discharge, a bearish sentiment will be included. However, if the German government decides to keep her seized assets, the Bitcoin market will get Bullish Momentum that is fed by the positive prospects.
Worth to note that the Free Democratic Party (FDP) suggested creating a strategic Bitcoin reserve, but the idea remains speculative and is not regulated.