The German government has been actively selling its seized bitcoin, but it still has a substantial amount of over 40,000 BTC, valued at more than $2.3 billion, according to blockchain intelligence firm Arkham. These sales are happening simultaneously with the expected bitcoin distributions from Mt. Gox. To mitigate any potential impact on the cryptocurrency’s price, Tron founder Justin Sun has expressed his willingness to buy the remaining bitcoin directly from the German government, in an off-market transaction.
Germany Continues Selling Bitcoin
According to Arkham, the German government recently sold approximately $175 million worth of BTC on July 4. The blockchain intelligence firm shared this information on social media platform X, stating, “German government selling up to $175M BTC.” The firm further explained that in the past two hours, the German government had transferred 1,300 BTC ($76M) to exchange deposits at Kraken, Bitstamp, and Coinbase. Additionally, they moved 1,700 BTC ($99M) to address 139Po, which is likely a deposit for an institutional service or over-the-counter (OTC) transaction. Arkham also noted that the German government still holds 40,359 BTC ($2.3B) in tagged addresses on-chain.
Amidst the German government’s bitcoin sales and the upcoming distribution of bitcoin to Mt. Gox creditors, the price of BTC has been under pressure. Over the past week, its price has dropped by more than 6%, with a 4% decrease in the past day alone, falling below $57,000 on Monday. Arkham’s data shows that Mt. Gox wallets have been engaged in dust or test transfers. Although the Mt. Gox Trustee has stated that distributions would commence in July, no specific date has been provided.
In response to the German government’s bitcoin sales, Justin Sun, the founder of Tron, announced his willingness to negotiate with the government to buy the remaining BTC off-market. In a post on social media platform X, Sun stated, “I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.”
What are your thoughts on the German government’s bitcoin sales and Justin Sun’s offer to buy the remaining BTC? Share your opinions in the comments section below.
