Michael Saylor, a renowned Bitcoin maximalist, has commented on the massive Bitcoin sales made by the German Government. According to Arkham Intelligence data, the European nation’s wallet reached zero on Friday afternoon.
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The BTC transfers appear to be linked to the German government’s plan to sell the 50,000 BTC it seized earlier this year from the now-defunct film piracy website Movie2K. Germany seized the BTC, which were estimated to be worth more than $2 billion.
Arkham Intelligence data shows that Germany’s BKA made its last BTC sales and now holds 0.04 BTC, which is worth $244 at current prices. Michael Saylor has weighed on on the sale, saying “Du verkaufst deine Bitcoin nicht.” which translates to “You do not sell your Bitcoin.”
Earlier this year, Saylor sent a similar message to the global Bitcoin community when the BTC sell-off began, and the price began to fall. According to the @lookonchain analytics account, the German government has disposed of 50,179 BTC worth around $3.3 billion in the last 24 days.
Over the last 24 hours, the German government has transferred about 10,000 BTC worth more than half a billion US dollars to centralized crypto exchanges (CEXs) such as Bitstamp and Coinbase.
Also, the government received back approximately 500 BTC worth $28.6 million. That was subsequently sold because, according to the on-chain data account, German authorities today own zero Bitcoin. All of this cryptocurrency was seized from the pirate Movie2k website in January of this year.
Last month, Germany started performing a series of staggered BTC transfers to several exchanges. At least one German legislator opposed the intention to sell the confiscated bitcoin.
Despite the German government’s exhaustion of BTC reserves, selling pressure from the $9 billion Mt. Gox payment plan may keep Bitcoin prices low in the next weeks, perpetuating the market’s mood of fear, uncertainty, and doubt.
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The exchange crashed in 2014 when BTC was still worth hundreds of dollars.
During the increased selling pressure, institutional investors purchased the dip. CoinShares data shows that US exchange-traded funds (ETFs) saw $300 million in inflows during the week of July 8, reversing many weeks of depressed inflows into investment funds.
