The German government continues its sell-off of Bitcoin (BTC), bringing the total number of tokens below 4,000.
According to new data from blockchain ‘de-anonymizing’ platform Arkham Intelligence, the German government has sold hundreds of millions of dollars worth of BTC in the past 24 hours, continuing the trend of selling the crypto king over the past month.
The data shows that Germany only has 3,860 BTC left in its vault, worth approximately $224 million.
In June, Arkham noted that Germany began selling off top crypto assets by market capitalization after seizing billions of dollars worth of BTC from Movie23.to, an illegal movie streaming website accused of trading between 2008 and May 2013 to distribute hundreds of thousands of pirated films.
According to the government, the site’s owners purchased the BTC with their illegal earnings. At the time, police seized 50,000 BTC worth $2.17 billion.
Days later, the market intelligence agency discovered that the German government had moved eight figures worth of Bitcoin to crypto exchange platforms Coinbase and Kraken.
Last week, Arkham discovered that in a 24-hour period, the German government moved more than 16,000 BTC worth more than $915 million to various addresses belonging mainly to crypto exchanges and market makers.
Bitcoin is trading at $58,077 at the time of writing, down marginally over the past 24 hours.
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Generated image: Midjourney